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Bank of America Cautious on Gold, Sees Prices Struggling Above $4,000

The US investment bank released a cautious outlook for the precious metal, citing weak physical demand.

Gold bar on display at the Banque de France in Paris, 2022
Gold bar on display at the Banque de France in Paris, 2022 · Photo: Ibex73 · CC BY 4.0 · Wikimedia Commons

Bank of America has issued a cautious outlook on gold prices, projecting that the precious metal will struggle to hold above $4,000 per ounce in the short term, news outlets IndexBox and Pluang reported. According to Pluang, the bank's assessment is driven in part by weak physical demand.

Meanwhile, Mining.com reported that the bank expects gold prices to average approximately $4,000 per ounce during the fourth quarter.

Further details regarding the bank's full forecast have not yet been released.

Sources: Pluang, IndexBox, Mining.com

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