Bank of America and Citi released reports respectively, with long-term forecasts for gold prices reaching $3,000 per ounce

, according to separate reports from Bank of America and Citigroup, gold prices are expected to rise to $3,000 an ounce. "Over the next 12-18 months, gold prices could reach $3,000 an ounce, although current capital flows do not support this level," BofA noted. "Inflows into physical ETFs and a pick-up in LBMA clearing volumes will be encouraging initial signals". Citi's base case is for gold prices to rise to $3,000 an ounce over the next 12 months, and analysts at the bank said the expected Fed rate cut should be particularly positive for precious metals.