ANZ has increased its gold price forecast in the short term to $3,100 per ounce and in the mid-term to $3,200 per ounce, as stated in a research note released on Tuesday. The price of gold exceeded $3,000 per ounce, reaching a new high due to investors seeking a safe haven amid economic uncertainties related to the trade policies of U.S. President Donald Trump. The bank maintains a positive outlook on gold due to rising geopolitical tensions, easing monetary policies, and strong central bank purchases.

The demand for gold, considered a safe asset during times of instability, has risen by over 14% this year, marking fourteen record highs. ANZ highlighted disruptions in the London spot market caused by fear of import tariffs, leading to a spread disparity between Comex futures and London spot prices. This supply issue may persist, affecting silver prices while industrial demand remains steady despite tariff challenges. The analysts anticipate investment demand playing a key role in boosting silver prices.

Short-term predictions suggest silver will fluctuate between $34 and $36 per ounce. At 0422 GMT, spot silver saw a slight increase to $33.89 an ounce.