Bank of America and Citigroup released reports respectively, predicting the long-term gold price to reach $3,000 per ounce

Gold prices are expected to rise to $3,000 per ounce based on reports released by Bank of America and Citigroup. "In the next 12-18 months, gold prices may reach $3,000 per ounce, although current fund flows do not support this price level," Bank of America pointed out. "Physical ETF inflows and LBMA clearing volume rebound will be encouraging initial signals." Citigroup's base scenario is that gold prices will rise to $3,000 per ounce in the next 12 months, and the bank's analysts said that expected Fed rate cuts should be particularly beneficial for precious metals.