Golden Future Ahead: Bank of America Strategist Forecasts $2,500 per Ounce for Gold by 2023

"BOFA Strategist: Gold Prices Could Reach $2,500 per Ounce by 2023"

Gold could reach $2,500 per ounce in 2023 if it continues to perform as it has been, according to a Bank of America (BOFA) commodity strategist. The precious metal is currently priced at $1,983 per unit, just shy of the $2,000 threshold, but would need to rise by more than 26% against the US dollar to achieve the projected target. Despite this, the strategist has stated that non-commercial purchases do not need to increase materially to justify the price increase. The note comes at a time when central banks have been purchasing large amounts of gold, with China boosting its gold stockpile by 18 tons in March, bringing its national reserve’s holdings of the precious metal to 2,068 tons.

Martin Reid

Martin Reid

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