Citi hikes gold price target for next 3 months to $3,200 per ounce

By Brijesh Patel, Reuters

(Reuters) - Citi Research on Thursday raised its gold price target for the next three months to $3,200 per ounce from $3,000, citing robust official sector demand and higher exchange-traded-fund demand.

"In our bull case, we see gold prices reaching $3,500 per ounce by year-end, underpinned by much higher hedging/investment demand on fears of US hard landing/stagflation," analysts at Citi said in a note.