Bank of America raises its 18-month gold target to $3000 an ounce

SMM4, June 22: bank of America raised the price of gold for 18 months to $3000 an ounce, 50 per cent higher than the current gold price, in a report entitled "the Federal Reserve cannot print gold".

As the economy shrinks sharply, fiscal spending surges and central bank balance sheets double, legal tender is likely to come under pressure and investors will turn to gold, the report said.

Bank of America expects gold to average $1695 an ounce this year and $2063 an ounce in 2021.

However, it believes a stronger dollar, lower volatility in financial markets and lower demand for jewellery in China and India are bad for gold.

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