Gold hit an all-time high of $5,405 an ounce in January 2026. It has since pulled back roughly 15%, trading around $4,612 as the Iran war has driven inflation fears and pushed rate-hike expectations higher. It is still up 42% year over year.

Most commodity forecasts move in a narrow band. Analysts nudge numbers up or down a few percentage points and call it a year-end target. What Bank of America just put on the table is something else entirely.