Gold, Silver and Crude Oil Prices in Asia

By Paul A. Ebeling, Jnr.,

Shutterstock photo

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.

Read More on International Business Times

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Commodities
Referenced Stocks: BAC

More from International Business Times


International Business Times

International Business Times

Find a Credit Card

Select a credit card product by:
Select an offer:
Data Provided by