Citi stays BULLISH on gold, HIKES 3-month outlook price to $2,800!
Citi stays BULLISH on gold, HIKES 3-month outlook price to $2,800!
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Citi Research raised its three-month forecast for gold prices, citing possible further US labor market deterioration, interest rate cuts by the Federal Reserve, and physical and ETF buying, it said in a note on Monday.
The bank upgraded its three-month gold price view to $2,800 per ounce from $2,700 previously, adding that its 6 to 12-month forecast is $3,000.
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It revised its 6 to 12-month forecast for silver prices upward to $40 per ounce from $38 per ounce.
“We note that gold and silver have performed extremely well despite weakening China retail physical demand and rising US interest rates since the Fed cut 50 (basis points) and payrolls beat last month,” the note said.
Gold should also rise in the scenario that oil spikes on near-term Middle East escalation, it added.
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