Gold prices could potentially reach USD 3,500 per ounce in the next 18 months if non-commercial purchases increase by 10 per cent, according to a report by BofA Global Research.

The report suggested that even a small rise in investment demand could have a significant impact on gold prices this year. If investment demand increases by just 1 per cent, gold could average USD 3,000 per ounce in 2025.

It said, "Gold could potentially reach USD3,500/oz over the coming 18 months, if 

non-commercial purchases increase by 10 per cent." However, for it to reach USD 3,500 per ounce, investment demand needs to grow by 10 per cent, which, while challenging, is not impossible.