Gold Prices Set To Climb To $3,000 On Fed Rate Cuts, Geopolitical Tensions, Bank of America Says
Portfolio Pulse from Piero Cingari
Bank of America predicts gold prices could reach $3,000 per ounce within 12-18 months due to factors like Fed rate cuts, geopolitical tensions, and central bank purchases. Despite a decline in assets under management for physically backed ETFs like SPDR Gold Trust (GLD), investor demand for gold has surged, driven by private bar hoarding and central bank acquisitions.
June 24, 2024 | 1:28 pm
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SPDR Gold Trust (GLD) has seen a decline in assets under management despite a resurgence in overall investor demand for gold. Bank of America predicts gold prices could reach $3,000 per ounce within 12-18 months due to various factors including Fed rate cuts and geopolitical tensions.
The decline in assets under management for GLD is a concern, but the overall positive outlook for gold prices driven by multiple factors could lead to increased interest and investment in GLD.
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IMPORTANCE 70
RELEVANCE 80