Bank of America Corp., Citigroup Inc., and Macquarie Group Ltd. have shown strong support for gold as its prices soar to record highs above $3,000 an ounce. Amid mounting concerns about the global economy, these financial institutions remain optimistic about the precious metal's prospects.

Gold has experienced a significant surge since late 2022, driven by increased central bank purchases and strong demand in China, leading to a nearly twofold price increase in just over two years. Beyond these factors, gold's traditional role as a safe-haven asset has attracted investors.

The price of gold surpassed $3,000 an ounce as worries about economic risks stemming from US President Donald Trump's trade policies intensified. With declining US consumer confidence and rising inflation expectations, analysts have been revising their price forecasts upward in response to the growing uncertainty.

Macquarie’s head of commodities strategy, Marcus Garvey, remains bullish on gold, raising the bank's price target to $3,500. He believes that there are still significant positive developments on the horizon for the precious metal, indicating that the current rally is not yet overextended.

Wall Street analysts point to several key factors supporting the continued rally in gold prices. Notably, investors have been increasing their holdings in physically-backed gold exchange-traded funds this year, reversing a trend of the past four years. The influx of investments into gold ETFs in North America, particularly in February, suggests growing interest among US households in diversifying their portfolios with gold as a hedge against economic uncertainties.