Citi Research Raises Gold Price Forecast Amid Economic Concerns

According to Odaily, Citi Research has increased its three-month forecast for gold prices, citing potential further deterioration in the U.S. job market, anticipated Federal Reserve interest rate cuts, and strong physical and ETF demand. The bank has revised its three-month gold price estimate from $2,700 to $2,800. Additionally, Citi has set a 6-12 month gold price forecast at $3,000. Furthermore, Citi has also adjusted its 6-12 month forecast for silver prices, raising it from $38 to $40. These adjustments reflect the bank's outlook on the precious metals market amid ongoing economic uncertainties.