''There is too much debt in the world and governments are devaluing their currencies, and both those things drive gold up and unless those things are resolved gold will go higher,'' he said.
Mr Kaleel said central banks around the world - and particularly in Asia - were buying gold, and that trend looked set to continue.
ANZ was previously expecting the gold price to peak around $US1720 an ounce in the first quarter of 2012.
Yesterday it changed that outlook and now expects gold to continue rising until about September next year, with a peak around $US1800 an ounce
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)