Is consolidation just for a new high? Bank of America: Gold remains on track to reach $6,000, with tariffs and Fed uncertainties serving as catalysts

CNBC Finance APP has learned that the U.S. Bank Global Research Department stated in a report on Thursday that over the next 12 months, gold prices are expected to break through the historic $6,000 per ounce mark. The uncertainty brought by leadership changes at the Federal Reserve, combined with economic risks triggered by U.S. tariff policies, is driving more funds into the gold market.

However, the bank also admits that in the short term, gold prices may face resistance as investors need time to adjust to higher price levels. The report shows that the pace of investors increasing their gold holdings has slowed down, “so we expect gold prices to potentially weaken temporarily before spring. However, due to renewed uncertainties around tariffs, this consolidation period may be relatively short.”

Regarding silver, Bank of America analysts hold a relatively cautious stance. They state that silver “has a more complex trend, and we are concerned that prices may further decline in the short term,” but they also do not rule out the possibility of silver returning to $100 per ounce.

On Thursday, as the third round of U.S.-Iran nuclear talks took place in Geneva, investors chose to wait and see. Gold futures edged lower, while silver ended its previous seven-day winning streak. As of Friday, at the time of writing, spot gold rose 0.17% to $5,194.01 per ounce, and spot silver increased 1.80% to $89.8895 per ounce.

Razan Hilal, an analyst at Forex.com, stated in the report: “This week, gold and silver both attempted to break through resistance levels of $5,200 and $90, respectively, but neither managed to sustain the upward momentum. If a geopolitical agreement is reached in the short term, the risk of gold and silver prices falling will increase.”