21 March 2024
Gold prices have surged to record highs and Bank of America (BofA) Securities forecasts even further growth ahead. On Thursday, spot gold reached a new peak of $2,222.14 per ounce, while gold futures neared a record $2,224.80. This rally was fueled by the Federal Reserve’s hints at possible rate cuts within the year, which weakened the U.S. dollar and, in turn, elevated gold’s appeal. Over the past two years, rising interest rates had negatively impacted gold, but BofA now highlights gold as a prime investment for 2024.