According to analysts at Bank of America, the price of gold could reach $3,000 per troy ounce within the next 12-18 months, writes CNBC. This could happen if interest rates in the US decrease and demand from large institutional investors increases.

Since the beginning of 2024, the precious metal has risen in price by more than 10%. According to a survey by the World Gold Council, nearly 30% of central banks in various countries that participated in the study plan to increase their gold reserves over the next 12 months. Bank of America noted that this is the highest figure since monitoring began in 2018. Analysts believe that such demand for precious metals from central banks is a positive sign for gold exchange prices.

On April 12, the price of gold surpassed $2,400 per ounce for the first time in history. At that time, analysts indicated that the price increase was related to a rise in the geopolitical risk premium due to conflicts in the Middle East, Eastern Europe, and other hotspots.

In the same month, Ed Yardeni, head of the consulting agency Yardeni Research, stated that he expects a double-digit increase in gold prices due to a possible new wave of inflation in the US. Yardeni forecasts that gold prices could rise to $3,500 by the end of next year.

Ed Yardeni is not the only expert expecting a significant rise in gold prices in the coming years. Economist and head of Rosenberg Research, David Rosenberg, also predicted that gold prices could reach $3,000 per ounce due to the expected reduction in Federal Reserve rates and increasing geopolitical risks.

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