As the peak for interest rates comes into view, Bank of America is forecasting that the price of gold will rise to $US2200 an ounce in the fourth quarter.
It previously had gold at $US2000 in the December quarter.
BofA said gold’s move on the banking crisis proved fleeting because Credit Suisse’s collapse came after near two decades of struggle and “the problems with regional US banks were heavily influenced by a lack of oversight”. In line with others, including Goldman Sachs and Fitch Solutions, BofA said it expects iron ore to reach $US150 a tonne in the June quarter. “Iron ore inventories at [Chinese steel] mills have fallen to all-time lows,” and re-stocking should bolster prices.
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