Gold prices are expected to soar to USD 3,000 per ounce within the next 12 to 18 months, contingent upon increased demand from large institutional investors, according to commodity strategists at Bank of America (BofA).

"We believe gold could reach $3,000 per ounce in the next 12 to 18 months, although current flows do not support this price at the moment," the strategists expressed.

They emphasized that achieving this ambitious target would require a significant rise in non-commercial demand, which in turn would necessitate a reduction in the Federal Reserve's interest rate.

On Monday, gold prices experienced an uptick in the daily markets, buoyed by a weakening dollar.

This rise comes as investors eagerly await the release of US inflation data later this week, which is expected to shed light on the Federal Reserve's future monetary policy direction.

In the most recent trading sessions, the price of an ounce of gold increased by 0.56 percent, reaching USD 2,333.34. Similarly, gold futures in the US saw a rise of 0.64 percent, bringing them to USD 2,346.10.