Citi reveals when gold could rise to $3,000
Citi has announced that the price of an ounce of gold could rise to $3,000. Analysts also provided a timeline for the potential increase.
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Citi Research analysts stated that gold could rise to $3,000 per ounce within the next 6 to 18 months.
According to a report by BloombergHT, analysts say that gold's recent rally has been facilitated by geopolitical tensions and that a deeper risk-aversion environment will drive prices even higher.
Analysts also note that the precious metal's decoupling from US interest rates and the dollar indicates that factors such as strong physical consumption and central bank purchases are supporting the market.
Citi has raised its 2024 and 2025 gold price forecasts by 6.8 percent to $2,350 and by 40 percent to $2,875, respectively. Spot gold is trading at $2,387.92, up 0.2 percent.