Gold forecast to hit $3,000 within 18 months, says Bank of America

The price of gold is expected to reach an all-time high of $3,000 by the end of 2021 on the back of record central bank balance sheets and government fiscal deficits, according to Bank of America (BoA), increasing its price estimate by 50%. Gold has been one of the best-performing asset classes both year-to-date and since 2019. The precious metal has risen by a third since the start of last year, while its 11.8% gain during a risk-off 2020 has only been beaten by the 30-year US Treasury. The rise has not been a straightforward one, and BoA still sees headwinds on the horizon, includin...