The world’s biggest investment banks are upgrading their forecast for the gold price amid a historic exodus from the US bond market that is extending the precious metal’s record rally and could push prices to as much as $US4500 an ounce.
Gold, which typically rallies during times of uncertainty, surged 7 per cent last week and climbed above its $US3245 peak an ounce on Monday as investors dumped Treasuries and the greenback, underscoring a dramatic erosion of faith in the stability of the world’s largest economy.
