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Gold to Reach $3,000—50% Above Its Record, Bank of America Says

Gold bars
Photographer: Lisi Niesner/Bloomberg
Updated on

Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce -- more than 50% above the existing price record -- in a report titled “The Fed can’t print gold.”

The bank increased its target from $2,000 previously, as policy makers across the globe unleash vast amounts of fiscal and monetary stimulus to help shore up economies hurt by the coronavirus.