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Citi and UBS have significantly upgraded their gold price forecasts to $3,000 per ounce, reflecting growing confidence in the precious metal’s bull run.
Citi raised its average yearly forecast to $2,900, while UBS adjusted its 12-month target upward from $2,850. The revisions stem from multiple factors: escalating trade tensions, substantial central bank purchases, and increasing global economic uncertainties.
The trend extends beyond traditional markets, with gold-backed cryptocurrencies outperforming their peers. Additionally, emerging markets are showing stronger interest in gold as part of a broader move toward reserve diversification and de-dollarization, further supporting the metal’s upward trajectory.
