$3,000/oz gold

6.14.24 - $3,000/oz gold

Gold last traded at $2,332 an ounce. Silver at $29.54 an ounce.

Gold prices likely to reach as high as $3,000/oz over the next 12 months: Citi -Investing.com

by Vahid Karaahmetovic

Gold prices could surge up to $3,000 over the next 12 months, Citi analysts said, as a combination of strong physical demand, central bank purchases, and macroeconomic factors continue to support a bullish outlook for the yellow metal.

"The gold price path is unlikely to be linear, but average prices should trend higher in 2024 and 2025," Citi analysts wrote in a note.

"We see the market supported well above $2,000-2,200/oz and regularly testing nominal ATHs into end-2024," before surging to $3,000 in 2025, the firm added.

Several key factors underpin this bullish outlook.

Firstly, the market's asymmetric risk skew has already demonstrated resilience, with gold prices rallying to $2,400 per ounce despite a strong US dollar, high interest rates, and robust equity markets.

"A negative turn in US growth exceptionalism should be positive for gold, enhancing bids for duration and haven assets, all-else equal," the note continues.