Gold smashes $5,000 as banks reset their targets

Gold has surged through US$5,000 an ounce, with major banks now treating that level as a base case, not a stretch.

Forecasts from J.P. Morgan, Goldman Sachs and Bank of America are drifting higher as central-bank buying and rate-cut expectations collide.

The rally looks unstoppable for now — with central-bank demand, easier monetary policy and structural hedging flows suggesting gold’s strength could persist well beyond the initial breakout.