ANZ Research discusses Gold outlook and targets.

"Gold traded in a narrow range this week, briefly slipping below USD4,000/oz. The macro backdrop remains challenging amid increasing rate hike expectations, though the Fed held rates steady at its latest meeting. Geopolitics adds to the pressure. The growing likelihood of renewed US strikes on Iran after the mid-term elections raises the risk of fresh supply disruptions across the energy complex, keeping energy prices elevated and inflation expectations high," ANZ notes.

"While the long-term investment case for gold remains compelling, underpinned by strong central bank buying, reserve diversification and fiscal concerns, we see downside risk towards USD3,800/oz in the short term," ANZ adds