"The rising price of gold is a direct response to the dual risks of inflation and currency devaluation in the United States and other major economies. BofA analyst Paul Ciana noted that gold prices have been rising steadily for seven consecutive weeks, a phenomenon that has occurred 18 times since 1970. "Since the start of 2024, gold prices have approximately doubled from +/- $2,000 to +/- $4,000." He added that while the bank sees two possible scenarios where gold prices keep rising, both suggest that a material correction is likely looming. This data implies that gold prices have been overbought for over the last month