Yahoo Finance: Wall Street Keeps Upping Its Bullish Calls on Gold - Here's Why
Article by Ines Ferre in Yahoo Finance
Wall Street keeps pushing up its already bullish calls on gold as the precious metal climbs to new highs.
Gold futures rose to $3,114 on Friday after hitting their 17th record of the year on Thursday. President Trump's auto tariff announcement fueled trade war fears, while a weaker US dollar also supported prices.
Earlier this week, analysts at Bank of America raised their price target on gold to $3,500 per ounce over the coming 18 months from $3,000 previously. The new target is based on the assumption that investments increase 10% through more buying from China and central banks and continued purchases of physically backed ETFs.
"Uncertainty around Trump administration trade policies could continue to push the US Dollar lower, further supporting gold prices near-term. In our view, a broad rebalancing of America's twin deficits could be bullish gold too," wrote the analysts.
A "confluence of factors, mostly driven by the .....