Citi expects gold price to consolidate around $3,100-$3,500 in third quarter
"We expect continued price consolidation ... and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already," Citi said in the note.
It added that gold prices have dropped by over $100 per ounce since the bank lowered its 0-3 month price target from $3,500 per ounce to $3,300 per ounce in its mid-June third-quarter outlook, with the metal now trading just below that revised target.
The bank expects the gold market deficit to peak during the third quarter. And the market should fundamentally weaken thereafter, driven by lower investment demand.
Citi expects gold prices to fall back to $2,500 to $2,700 per ounce by the second half of 2026 and said it "strongly (recommends) gold producers take insurance against downside in prices from current levels."
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