Futures tied to the precious metal hit a high of $4,530.80 per ounce on Tuesday — the first time it ever traded above $4,500.
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Spot gold eclipsed $5,100 an ounce for the first time ever — and could run even further.
The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
Market watchers told CNBC they see more upside ahead for the precious metal.
The surge comes amid uncertainty around the Trump administration and its trade policies.
David Neuhauser, CIO at Livermore Partners, told CNBC's "Access Middle East" that gold has more room to run.
Gold is seen as a so-called "safe-haven" asset that investors buy in times of uncertainty and low interest rates.
