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In a new report published tuesday analysts have officially increased their bullish outlook saying that gold prices could hit 3 000 within 18 months a 50 increase from its previous forecast.
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The firm s analysts lifted their 18 month price target for the precious metal to 3 000 per ounce from 2 000 praising gold as the ultimate store of value during the severe economic downturn.
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Raised its 18 month gold price target to 3 000 an ounce more than 50 above the existing price record in a report titled the fed can t print gold.
The bank said in a report last week that gold s technical momentum could drive prices to an all time high this year.