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Gold prices trend into September
Gold prices have experienced unprecedented declines, and Citibank predicts that prices could fall by up to 20% by September, potentially dropping to around $3,500 per ounce if the Strait of Hormuz remains closed until the end of summer. This is due to the ongoing geopolitical tensions and their impact on global demand for gold, as well as a reduced appeal of gold as a safe haven resulting from changes in the U.S. markets, particularly rising interest rates and inflation. The short-term outlook is unfavorable for investing in gold because of high volatility, although there remains a positive long-term perspective.
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