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According to Michael Widmer, Managing Director of Bank of America, gold prices are under short-term pressure due to reduced market expectations of interest rate cuts in the United States. However, the bank remains bullish on gold and reiterated its target price for the next 12 months at $6000 per ounce. The market's repricing of inflation risks and interest rate paths caused by the Middle East war is currently a source of pressure, but the rebound in central bank purchases, investment demand, and economic growth will support the rise in gold prices.