Bank of America Predicts Gold to Reach $5000 This Year, Maintains Positive Outlook on Metals

Stock News
10 hours ago

Bank of America has released a research report, raising its gold price forecast for the year by 10% to $5000 per ounce and its copper price forecast to $13,200 per ton, while maintaining a positive view on metal prices. The bank anticipates that the copper and aluminum markets will continue to experience supply shortages. Although short-term volatility may increase, demand from the United States, Europe, and China is expected to rebound during the summer. The rise in gold prices is projected to be supported by a weaker US dollar, geopolitical uncertainties, sustained investment demand, and central bank purchases. The bank forecasts that gold will reach between $4900 and $5000 per ounce in the period from 2026 to 2027. Regarding individual stock recommendations, the bank's top pick is Zijin Mining Group (02899), expecting its copper production to increase by 11% and gold production by 16% by 2026, citing attractive valuation and strong execution capabilities.

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