But demand among institutional investors needs to pick up for the precious metal to hit that level.
Gold prices could hit $3,000 per ounce over the next 12 to 18 months if demand increases among large institutional investors, according to Bank of America commodity strategists. While demand is not high enough right now to justify that price, the precious metal could reach that level on the back of the Federal Reserve cutting interest rates, the strategists told clients in a Monday note.
Central bank demand is also a positive sign, according to Bank of America. Monetary authorities are planning to increase their purchases of gold, according to the World Gold Council's central bank survey . Nearly 30% of central bank respondents said they intend to increase gold reserves over the next 12 months, "the highest level we have observed since we began this survey in 2018," according to the World Gold Council survey.
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