Gold could hit a new high in 2021, says Australian bank ANZ

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Gold bars at Solar Capital Gold Zrt. in Budapest, Hungary on March 10, 2016.
Akos Stiller | Bloomberg | Getty Images

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Gold has soared this year as economic uncertainty has pushed investors into safer assets — and one Australian bank this week identified a new possible high for the metal in 2021.

With the rollout of Covid vaccines expected to lift prospects for the global economy, some strategists have predicted an end to the run-up in gold prices. However, analysts at Australian bank ANZ think otherwise.

"The likelihood of a strong global recovery and a rally in risk assets continues to improve. This could take some shine off gold's haven appeal," ANZ analysts said in a Thursday report. "However, we don't think this will scuttle gold's current rise higher."

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