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Citibank has raised its gold price target to $3,300, citing unprecedented physical demand rather than speculation as the primary driver.
“Using our quarterly price changes model, we see gold prices rising to well over $3,300/oz, though we view this is a bull case given the potential for jewelry and scrap over the next 12 months. We take a more conservative base case… which suggests gold increases to $2,900-3,000/oz over the next 6-12 months” – Kenny Hu, Max Layton and team for Citi.
The bank’s analysis shows that 95% of mine supply will be absorbed by investors by late 2025, while central bank buying continues at record levels.
This forecast aligns with other major bullion banks that have also raised their targets to $3,000, reflecting a fundamental shift in how banks value gold based on physical demand rather than traditional metrics like dollar strength or interest rates.
