(This story is for CNBC PRO subscribers solely.)

Gold has soared this 12 months as financial uncertainty has pushed buyers into safer property — and one Australian financial institution this week recognized a brand new potential excessive for the steel in 2021.

With the rollout of Covid vaccines anticipated to elevate prospects for the worldwide economic system, some strategists have predicted an end to the run-up in gold prices. Nonetheless, analysts at Australian financial institution ANZ suppose in any other case.

“The chance of a robust international restoration and a rally in danger property continues to enhance. This might take some shine off gold’s haven attraction,” ANZ analysts stated in a Thursday report. “Nonetheless, we do not suppose this may scuttle gold’s present rise greater.”