Gold Soars Near $4,400 Amid Dollar Decline and BofA Endorsement

Gold prices surged to nearly $4,400 per ounce last week as Bank of America strategist Michael Hartnett endorsed gold as the optimal protection against declining dollar value. According to Hartnett, establishing long gold positions represents the best strategy for investors.

The precious metal's spot price rose 0.4% to reach $4,394.31 per ounce during Monday morning trading, while gold futures contracts climbed 0.3% to $4,451.62. The U.S. dollar index declined 0.3% to settle at 99.40.

A record $6.3 billion flowed into gold funds in the past week, marking the largest influx since January 2026. BofA's proprietary flow analysis revealed significant investments in cash equivalents ($25.4 billion), bond markets ($23.8 billion), and equities ($16.1 billion).

Energy inflation concerns remain elevated due to Strait of Hormuz shipping challenges. TD Cowen analysts caution that persistent petroleum price vulnerability could constrain rallies in gold and copper if inflation accelerates and the Fed maintains elevated rates.