Core Viewpoint - Bank of America predicts gold prices will rise to $5,000 per ounce within the next 12 to 18 months due to structural deficits in the U.S., inflationary pressures from de-globalization, concerns over the independence of the Federal Reserve, and ongoing global geopolitical tensions [1] Group 1: Price Predictions - The average gold price forecast for 2026 has been raised by 18% to $4,329 per ounce [1] - Silver price forecast has been increased by 29% to $54.88 per ounce [1] Group 2: Investment Demand and Market Trends - Investment demand for gold is expected to grow similarly to this year, potentially pushing gold prices to $5,000 per ounce [1] - In September, gold ETF purchases surged by 880% year-on-year to a historical high of $14 billion, with total investments in physical and paper gold nearly doubling, exceeding 5% of global stock and fixed income markets [1] Group 3: Short-term Market Risks - The report cautions that the market may consolidate in the short term, highlighting risks such as the Supreme Court's ruling on Trump's tariffs, potential hawkish shifts from the Federal Reserve if economic data improves, and the impact of U.S. midterm election results on Trump's economic policy implementation [1]