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Citibank Predicts Gold Drop to $3,500

Citibank Predicts Gold Drop to $3,500

Citibank has lowered its short-term outlook for gold prices, warning that the precious metal could face further pressure in the coming months. It suggests that the price of an ounce could reach around $3,500 in a scenario where the Strait of Hormuz remains closed until the end of summer, which is approximately 19% below the futures price of $4,308. Nevertheless, the bank maintains a positive long-term perspective, viewing this current decline as a correction phase before resuming the upward trend, provided energy crises ease and real yields decline.

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