Citi Research has outlined its latest projections for key commodities, signaling divergent trends across markets:
Gold and Silver: Prices are expected to resume a gradual uptrend over the next 3-12 months, with gold forecasted to reach $3,000 per ounce and silver projected at $36 per ounce.
Crude Oil: Prices are anticipated to decline to $60 per barrel by mid-2025 and stabilize at this level throughout the second half of 2025 and into 2026, under Citi’s base case scenario.
Natural Gas: European TTF and Asian JKM LNG prices are forecasted to average $12.9/MMBtu and $13.2/MMBtu, respectively, in 2025, reflecting subdued demand growth and steady supply.
Iron Ore: Citi has revised its 0-3 month price forecast down to $100 per ton, compared to its earlier estimate of $110 per ton, citing weaker near-term demand prospects.
Citi expects the commodity complex to post modest declines in 2025, driven by crude oil’s continued slide into a bear market. However, these losses may be offset by an anticipated 10-15% rise in gold and silver prices, supported by favorable macroeconomic tailwinds.
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