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BoA/Merrill Lynch ( BAC ) 24-month Gold price target 2,400 oz

Bank of America/Merrill Lynch says the recent bond purchasing program announced by the US Federal Reserve should be Bullish for Gold, maintaining its Y 2013 target of 2,000 oz and introducing a new 24-month target at 2,400 oz for the end of Y 2014, according to a research note Tuesday.

"Our analysis suggests that a single month's purchases of mortgage backed securities to the tune of $40 billion will likely lift Gold prices by around 0.7% within four months. Gold has rallied on aggressive Fed and ECB monetary easing," analyst at the bank Michael Widmer wrote.

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