Spot gold eclipsed $5,100 an ounce for the first time ever — and could run even further.
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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.
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.
Gold is seen as a so-called "safe-haven" asset that investors buy in times of uncertainty and low interest rates.
Spot gold price touches an all-time high of $5,110.50 for an ounce in the first hours of the day.
The surge comes amid uncertainty around the Trump administration and its trade policies.
Gold Soars Past $5,150 in Latest Record High Performance
