Gold prices are projected to rise to $2,500-$2,600 per ounce, representing an attractive portfolio hedge for equity investors, according to a Bank of America report published this week.
As the precious metal surged to fresh record highs following the Fed March meeting, investment and ETF strategist Jared Woodard from Bank of America identified two primary engines driving gold’s unprecedented rally: its hedging quality and central bank purchases.
Chart: Gold Hit Record Highs Post-Fed March 2024 Meeting
Key Drivers Sending Gold To Record Highs
“Gold has the lowest correlation to the S&P 500 of almost any asset class and can act as a haven if inflation reaccelerates or growth slows later this year,” Woodard wrote.
Woodard highlighted that “central banks have been hoarding ...Full story available on Benzinga.com
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