ANZ Research maintains a bullish bias on Gold over the medium-term.

"We believe fundamentals for gold are still supportive, though guidance from the Federal Open Market Committee (FOMC) suggests a cautious monetary policy response. We expect the Fed to look through the first-round effects of the conflict – potential broadbased price rises, increases in wage pressures and/or a surge in inflation expectations – in the coming months to assess whether second-round effects become persistent. Meanwhile, inflation expectations remain well-behaved, though 12-month-ahead inflation expectations have risen to 3.8%," ANZ notes.

"We still expect three more Fed rate cuts in this easing cycle: two in 2026 and one in 2027. The decisions could be deferred by rising energy prices but not reversed. Other factors, such as economic growth risks, worsening geopolitical relations, currency volatility and downside risks to equity markets will continue to support gold’s role as a portfolio diversifier. We believe fresh investment and retail demand will emerge below USD4,500/oz," ANZ adds.