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Citi Sees Gold Surging to $3,000 per Ounce in Coming Months

16 Apr 2024 1:05 pm
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Mumbai 16 Apr (Commoditiescontrol): Citigroup has released a bullish outlook for gold, projecting that the precious metal could reach $3,000 per ounce within the next 6 to 18 months. The bank's analysts anticipate gold trading to regularly test and exceed the $2,500 per ounce mark in the second half of 2024.

Citi acknowledges the potential for a near-term price pullback in May or June. However, they remain optimistic and expect strong buying support at $2,200 per
ounce to drive higher prices. The bank has revised its 2024 forecast for gold prices upward by 6.8% to $2,350 per ounce, and sees an even more substantial 40%
increase to $2,875 per ounce in 2025.

Citi's bullish sentiment likely stems from factors such as global economic uncertainty, inflation concerns, and continued central bank gold purchases.

(By Commoditiescontrol Bureau; +91-9820130172)

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