Gold needs only a slight increase in investor purchases to justify $2,500 price tag, says BofA gold outlook Fed
With central banks continuing to buy gold, the de-dollarization trend accelerating, and the Federal Reserve stopping rate hikes, gold doesn't require a lot of new investor buying to justify a run to $2,500 this year, according to BofA.
BofA sees the Fed's hiking cycle ending soon despite elevated inflation, which suggests that real rates may become less of a headwind for gold, the note described. In the meantime, central bank gold buying has remained persistent. And on top of last year's record amounts of gold bought, the de-dollarization trend accelerates gold price growth.
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