Last updated: 2026-01-30 09:09:17 ET
The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
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Spot gold eclipsed $5,100 an ounce for the first time ever — and could run even further.
Precious metals have become an increasingly attractive asset class in the face of a weakened US dollar and uncertainty at the Federal Reserve.
Wall Street analysts expect the gold rally to continue as investors pile in because of mounting geopolitical uncertainty and economic concerns.
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Gold is seen as a so-called safe-haven asset that investors buy in times of uncertainty and low interest rates.
