Gold At $3K? $50 Silver? BofA Raises Metal Price Targets

Gold last traded at $2,033 an ounce. Silver at $28.08 an ounce.

NEWS SUMMARY: Precious metal prices record-breaking 9-week rally paused on Friday for a healthy dose of profit-taking. U.S. stocks traded lower as tensions between China and the U.S., coupled with ongoing coronavirus stimulus negotiations, dampened the market's enthusiasm over an upbeat jobs report.

Yahoo Finance--- "Gold prices once again hit new all-time highs Wednesday after breaking the $2,000-per-ounce level for the first time ever this week. Fortunately for precious metal investors, BofA Securities said global economic conditions suggest even more upside ahead...Traders have been flocking to gold in 2020 as a safety investment during a period of economic uncertainty. Gold is also an inflation hedge after the Federal Reserve issued trillions of dollars of stimulus earlier this year. The Fed is expected to commit to near-zero interest rates until inflation hits its 2% target. BofA Securities analyst Michael Jalonen said he's bullish on gold, and BofA raised its average 2021 real gold price forecast from $2,012 to $2,159. The firm also raised its 2021 real silver average price forecast from $21.95 to $30.49....'Continued fiscal spending as governments are mending the damage from COVID-19, backstopped by central banks means that interest rates will remain low, at the same time as the economy reflates,' Jalonen said in a note. Investors can expect gold prices to peak at $3,000 within the next 18 months, the analyst said.