Bank of America analysts predict that gold prices could reach $3,000 per ounce within the next 12-18 months, driven by factors such as increased non-commercial demand, potential Federal Reserve rate cuts, and ongoing central bank purchases. They note that while current market conditions support an average price of $2,200 per ounce, a significant rise in investment demand could push prices higher. Additionally, concerns about the US Treasury market may lead to further diversification into gold by central banks and private investors.