Bank of America sees gold averaging $4,000/oz in fourth quarter

Oct 12 (Reuters) — Bank of America said on Monday it expects gold prices to average $4,000 an ounce in the fourth quarter and $4,813 an ounce in 2027, adding near-term headwinds will persist until risks from rising oil prices linked to the Iran war ease. The bank said gold has been under pressure in recent weeks despite increased holdings in exchange-traded funds, and that prices could come under further pressure if investors start selling It said its tracker showed aggregate gold purchases by central banks, China, and India were lower year-on-year BofA said physical gold markets remain soft, citing feedback from last week's London Bullion Market Association gold conference The bank said gold is likely to bottom out only after concerns over inflation and the Iran war ease, the US dollar stops appreciating, and the Federal Reserve ends its tightening cycle Spot gold was at $4,172.39 per ounce by 10:11 a.m. EDT (1412 GMT) on Monday, down 0.5% on the day (Reporting by Vedika Thorat in Bengaluru; Editing by Jan Harvey) ((Vedika.Thorat@thomsonreuters.com;)