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Citi Projects Gold Price to Peak at US$3,000/oz in Next 6-18 Mths
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Citi said it expects the gold price to reach US$3,000 per ounce in the next 6-18 months as capital inflows into gold advanced in anticipation of an eventual interest rate cut by the Federal Reserve. Citi raised its forecast for this year's average gold price to US$2,350 per ounce and raised next year's average price by a whopping 40% to US$2,875 per ounce. Spot gold last went up 0.2% to US$2,387.11 an ounce, while gold futures for June delivery last added 0.85% to US$2,401.5 an ounce. Goldman Sachs, on the other hand, said the precious metal is in an unshakeable bull market, and hence raised its year-end target to US$2,700 an ounce. Separately, UBS has a year-end target of US$2,500 an ounce. AAStocks Financial News |
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