Gold prices to surpass $3,000 per ounce: Citi report

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Ziraat Times
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Gold prices are all set to hit $3,000 per ounce due to significant expansion in financial flows, according to Citi report.

The weakening US labour market, disinflation and a soft June CPI print are expected to strengthen the Federal Reserve’s dovish pivot at the upcoming July FOMC meeting. This could lead to bullish effects for gold and silver into year-end, with positive effects also expected for base metals, it said.

Citi’s analysis highlights the impact of previous Fed cuts on precious metal prices, with median log returns for precious metals being 13 per cent in the 6-month period following the first Fed cut across the past four cycles.

The bank’s gold price targets of $2,800 to $3,000 per ounce and silver price targets of $38 to $40 per ounce by mid to late 2025 are aligned with these targets.

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