BofA: Taking a pause – but we think gold will rise again (not lowering targets yet)

The Fed can slow gold down. It cannot erase why central banks are buying it.

BofA says gold’s bull market is pausing, not ending. A hawkish Fed, stronger dollar, higher real rates, and ETF outflows are near-term headwinds. But the long-term case remains intact as deficits, Treasury funding pressure, central bank buying, and reserve diversification continue to support gold’s strategic role.

1. What BofA Says

2. The Fed Has Become the Immediate Problem

3. ETFs Are the Tell

4. Central Banks Are Still the Anchor

5. The Dollar Problem Has Not Gone Away

6. GoldFix Read