Gold seen hitting $3 000 at Citi as investor inflows juice rally

Gold is set to reach $3 000 an ounce over the next six to 18 months on increasing investor inflows amid expectations that the Federal Reserve will eventually cut interest rates, Citigroup said, adding to a roll call of Wall Street banks that have raised forecasts.

Analysts led by Aakash Doshi upgraded their estimate for average prices in 2024 to $2 350 and made a “massive 40% upward revision” in their 2025 prediction to $2 875. Trading will “regularly test and breach” $2 500 in the second half, they wrote. Gold traded at $2 387 by 1 p.m. Singapore time Tuesday.