Australia New Zealand Bank (ANZ) has revised its forecast for gold after the prices breached the $3,000 mark. Gold prices hit a high of $3,057 on Thursday and are attracting heavy bullish sentiments in the indices. They have surged 16.2% year-to-date, a phenomenal rise in less than three months.

Also Read: Will Amazon Stock Crash to $100?

The XAU/USD index is looking like an unstoppable bull that cannot be brought down by the bears. The global sentiments are moving towards the precious metal as the stock market sends mixed reactions. Trump’s tariffs have ignited trade wars among nations that are affecting the normal flow of business. Considering all these factors, ANZ Bank has provided a revised price prediction for gold.

Also Read: US Markets Are Going To Soar Record Highs, Emerge Stronger Than Ever

XAU/USD Index: Gold’s New Price Target By ANZ Bank

Leading global bank ANZ wrote in its recent research paper to stakeholders that gold prices could reach the $3,100 mark. Once the precious metal breaches $3,100 and holds on to its resistance level, the next target could be $3,200. The price of the glittery metal is currently hovering around the $3,046 level.

Also Read: Buy Silver Now: XAG/USD To Reach $35, Spike 15% YTD

Therefore, gold prices still have room to climb another 5% in the indices, according to ANZ Bank. An investment of $10,000 could turn into $10,500 if the forecast turns out to be accurate. “We maintain our bullish view, amid strong tailwinds from escalating geopolitical and trade tensions, easing monetary policy, and strong central bank buying,” the bank said of their position on the yellow metal’s short and medium-term prospects.

“As for the gold market, fear of import tariffs has tightened liquidity in the London spot market, as supply flows to the US,” they noted. “This has triggered arbitrage trades, with a widening spread between Comex futures and London spot.” In conclusion, gold prices will not cool down soon and can sustainably scale up in the indices, said ANZ Bank.