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Australia and New Zealand Banking Group (ANZ) says that gold’s current price level is setting the stage for a new record high run, with the precious metal poised to accelerate to levels around £1,655 ($2,050).

The bank’s analysts see gold consolidating around its current price level as the dollar finds some strength and yields rise, but this price pressure will be dulled by concerns around economic performance and should fade in the coming days, leaving the bulls to break through and sail past £1,615/oz ($2,000/oz).

In a briefing note, the bank’s senior commodity strategists said, “The spread between the fed funds rate and CPI is at its widest, suggesting the Fed is struggling to contain inflation. Concerns about global economic growth, fuelled by to sustained inflation and heightened geopolitical risks, should protect the gold price somewhat. We expect gold to remain supported at £1,494 ($1,850), with upside potential of £1,575 ($1,950). We expect downside risks to be limited after the price hits £1,494 ($1,850).

“Bearish momentum is fading. Prices have hit a lower bound of £1,478 ($1,830) and we expect a trading range of £1,494 ($1,850), –£1,559 ($1,930) in the days ahead. A convincing break of above the upper trend line of –£1,559 ($1,930) would confirm a bullish move. Once this level breaks, prices could touch the previous highs of £1,615 ($2,000) and £1,656 ($2,050).”

If you haven’t already made moves to buy at current price levels, do so now. Delaying means you could miss this window of opportunity, with ANZ pinpointing extensive support for gold amid safe-haven demand. This is driven by talks of the EU banning Russian oil and gas imports, which could cause disruption and drive prices higher while also heightening political tensions. Central banks are also moving to add more gold to their holdings, with any additional sanctions on Russia likely to see inflows spiking.

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