Bank of America: Maintains a 12-month target price for gold at $6,000 per ounce, under pressure in the short term but the bullish logic remains unchanged in the medium term

Michael Widmer, Managing Director and Head of Metal Research at Bank of America, stated that gold prices will face pressure in the short term due to a decline in market expectations for U.S. interest rate cuts. However, the bank maintains a bullish outlook on gold and reiterates its forecast for gold prices to rise to $6,000 per ounce in the next 12 months.

The current pressure on gold is related to the market's repricing of inflation risks and the path of U.S. interest rates against the backdrop of rising energy prices due to the Middle East conflict. Despite these pressures, gold is expected to continue rising, supported by ongoing purchases by central banks, a rebound in investor demand, and weakening economic growth indicators.

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