NEW YORK CITY, New York: Gold's record-breaking rally is expected to continue, with Citi Research increasing its three-month price target to $3,200 per ounce, up from its previous forecast of $3,000.
The revision reflects strong demand from central banks and rising interest in gold-backed exchange-traded funds (ETFs), the firm said in a note this week.
Analysts at Citi also outlined a bullish scenario in which gold could climb even higher.
"In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of U.S. hard landing/stagflation," the note stated.
