Bank of America on Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of $4,400, and for silver to $65 an ounce, averaging $56.

Gold (GC=F) hit $4,220 on Wednesday — yet another record high. The precious metal's market moves were partially driven by heightened trade tensions between the US and China, as well as by increased expectations of Federal Reserve interest rate cuts at the October FOMC meeting.

Institutional investors are buying more stocks than ever and yet they have turned more bullish on gold than the Magnificent 7, according to Bank of America’s October fund manager survey. Forty-three percent of respondents ranked “long gold” as the most crowded trade this month, ahead of the 39 percent for “long Magnificent 7.”

Discover why analysts call the recent $19 billion crypto market dip a “controlled deleveraging”.Explore Bank of America’s bold Gold price

Bank of America Global Research on Monday raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.

Wall Street rose on Wednesday, with investor optimism lifted by strong bank and corporate earnings alongside growing expectations for further Federal Reserve rate cuts — keeping trade concerns sidelined for now.

Stock futures pointed higher Thursday as more strong bank results were reported, while safe-haven gold set its latest record high.

Bank of America Corp.'s stock rose 4.4% and Morgan Stanley's stock advanced by 6.7% in early action on Wednesday after the two banking giant's stronger-than-expected earnings. The two stocks were surpassed only by Bunge Global SA's 11% rally as top gainers among components of the S&P 500,

Bank of America on Monday hiked its price forecast for gold to $5,000 an ounce in 2026 as investors flock to the safe-haven asset. The bullish prediction follows a blowout year for the precious metal,