Gold's historic rally may be far from over. Bank of America hinted the precious metal could climb to $3,500 per ounce, driven by investment demand and central bank buying amid growing global economic and policy uncertainties. In a note shared Wednesday, Bank of America commodity strategist Francisco Blanch said gold's rally has been largely fueled by "exceptional purchases by the official sector" as central banks seek to hedge against geopolitical and fiscal risks. Spot gold – as tracked by the SPDR Gold Trust – is currently trading at $2,920 per ounce as of Feb. 13, 2025, up 11.3% year-to-date. Will Gold Reach $3,500? For gold to average $3,000 per ounce in 2025, investment demand needs to rise by just 1%, according to Bank of America's analysis. Yet, reaching $3,500 would require a more significant 10% jump. While this might seem like a steep climb, Blanch indicated that it's "not impossible." One major factor supporting this outlook is China's recent decision to allow insurance...