Gold’s on track to hit $2,400 this year, less dependent on Fed rate cuts – Bank of America – by Neils Christensen (Kitco News – April 3, 2024)

(Kitco News) – Bank of America was one of the bullish banks on gold heading into 2024, and everything they have seen this year has only added to their conviction.

In a note published Tuesday, commodity analysts, led by Michael Widmer, reiterated their call for gold prices to push to $2,400 an ounce this year. In December, Widmer said that he was expecting a gold rally when the Federal Reserve actually started cutting interest rates. That stance has only changed slightly.

“We had previously proposed a $2,400/oz price estimate if the Fed cut rates in 1Q24; we commit to that estimate for this year, even if rate cuts come later,” Widmer said in the report.

Bank of America’s bullish outlook comes as the precious metal has made significant gains in the last month, establishing record highs on top of record highs. June gold futures last traded at $2,315.10 an ounce, up nearly 1.5% on the day.

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