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Financial titans Bank of America and Goldman Sachs are reportedly unveiling their gold price targets amid rising geopolitical risks.
Bank of America sees gold going up to $4,000 an ounce over the next 12 months, a gain of more than 17% from the current level, reports Reuters.
Meanwhile, Goldman Sachs expects the precious metal to surge to $3,700 by the end of this year, lifted by strong demand from central banks. The firm also sees gold soaring to $4,000 by June 2026.
Gold is trading at $3,395 at time of writing, up about 30% year-to-date. The precious metal is slightly down from the all-time high of $3,500 reached in April.
Daniel Pavilonis, a senior market strategist at the brokerage firm RJO Futures, tells Reuters that escalating fears of a broader Middle East conflict are pushing gold prices higher.
“Israel knocking out Iranian targets is causing a little bit of geopolitical scare in the market. Prices will stay elevated in the anticipation of what is to come, the retaliation by Iran.”
On Friday, Israel fired airstrikes at Iran, killing a number of the Islamic Republic’s senior military personnel and destroying strategic military targets. The value of gold surged following the breakout of the conflict before giving up most of its gains on Monday.
