Gold pullback considered a buying opportunity; ANZ forecasts $5,800/oz in Q2 2026

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Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) recently retreated from a record high of $5,600 per ounce, but ANZ analysts say the correction could attract fresh investment, citing persistent structural support and minimal signs of a trend reversal, with prices now expected to reach $5,800 per ounce in Q2 2026.

Spot gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR]) was trading nearly 1% higher at $4,967.07 at press time.

Easy U.S. monetary policy, escalating geopolitical tensions, ongoing policy uncertainty, and a weakening USD suggest that the backdrop is very different from the price peaks in 1980 and 2013, and appetite for diversification is intensifying, ANZ analysts Soni Kumari and Daniel Hynes said in a note.

"Silver prices (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR]) will remain anchored to rising gold prices. We expect silver to underperform gold, which means the ratio will mean revert to 70x."

President Trump’s nomination of Kevin Warsh as Fed chair triggered the sharpest sell-off in decades.

"If Warsh is confirmed by the Senate, it would signal a potential Fed shift to a 'moderately hawkish' stance, as he advocates a more restrained Fed balance sheet. His nomination alleviated some concerns around the Fed’s future independence, which had supported gold prices," the analysts said.

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Pictorial representation of year-to-date performance for gold, silver, and the dollar.

Increased exchange margin requirements following recent volatility contributed to price swings by creating liquidity challenges. Although recent volatility has raised questions about whether gold prices have peaked, "we believe the rally is not yet mature enough to reverse anytime soon."

Analysts noted that market focus is increasingly turning to the potential effects of tariffs, which have not yet fully shown up in economic or inflation data. Concerns over the Federal Reserve’s future credibility persist, creating an environment likely to boost investor demand for tangible assets such as gold.

Therefore, they reiterate their view that gold remains an insurance asset against a plethora of uncertainties, and the recent correction presents an opportunity for fresh investment. Have revised up price forecasts, with gold now expected to hit $5,800/oz in Q2 2026 (previously $5,400/oz).

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