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Citigroup has upgraded its gold forecast to $3,000 per ounce within three months, reflecting mounting global instability and trade tensions sparked by Donald Trump’s policies.
Currently trading at $2,867.15, gold’s bull run is fueled by multiple factors, including fears of economic slowdown, high interest rates, and potential new tariffs.
The bank’s analysts note a roughly 20% chance that gold could be included in Trump’s proposed 10% blanket global tariff, causing London dealers to shift metal to the U.S. The forecast is further supported by expectations of increased central bank buying, particularly from emerging economies seeking to support their currencies against a strengthening dollar.
Citigroup maintains its long-term outlook with a 6-12 month price target of $3,000, while raising its yearly average target to $2,900. Recent geopolitical developments, including Trump’s comments on Gaza and potential new deals with Iran and Ukraine, continue to drive safe-haven demand for the precious metal.
