From their research report today, by analysts Daniel Hynes and Soni Kumari
They are mainly attributing the move to further weakness in the US dollar as well as rising risks of a correction in the equities market.
The report says that they see "bullion prices holding at current levels in 1H 2018, before pushing toward $1,400/oz by year-end".
They add that "while the Fed is expected to reduce balance sheet amid further interest rate hikes, these moves are already priced in".
On the dollar weakness, they mention that "outside of the US, improving economic growth should result in an environment where the US dollar underperforms" but they do believe that the dollar is close to "equilibrium" and that further weakness should be limited.
Well, not the boldest of calls. Gold is now trading at $1,364 - we're not that far off.
