In a report published Tuesday, analysts at ABN Amro increased their year-end target for gold to $1,370 an ounce, up from their previous target of $1,300. For 2017 they see prices ending the year at $1,450 an ounce, up from the initial forecast at $1,300.

They note in the report that a dovish Federal Reserve, a weaker U.S. dollar and negative real interest rates will all be positive for gold this year.