Khaberni - Gold prices have experienced sharp fluctuations recently, but analysts at "Bank of America" believe there is enough momentum to push the precious metal to surpass the $6000 level per ounce in the coming few months.
"Michael Widmer", the strategic analyst at the American lender, noted in a memo that the bank is concerned about the pace of the expected gains for gold, but during the recent surge periods, the increases did not end due to buying saturation, but rather due to a decline in the factors that made precious metals attractive.
Widmer clarified that these factors, such as President Donald Trump's efforts to devalue the dollar, and geopolitical uncertainty, are still present.
Conversely, Widmer pointed out that volatility is likely to remain high, indicating that the markets' reaction to "Trump" nominating "Kevin Warsh" to head the Federal Reserve could alleviate concerns about the bank's independence, which previously was one of the main drivers for the rise in gold.
