Citi Raises Gold Price Target for Next 3 Months to $3,500 Per Ounce

By Sherin Elizabeth Varghese, Reuters

(Reuters) - Citi Research on Thursday raised its gold price target for the next three months to $3,500 per ounce from $3,200, driven by fresh gold buying from Chinese insurers and safe-haven flows amid tariff risks and market weakness.

"We think gold is likely to be in an extremely rare physical deficit at present, meaning prices need to rise in order to get stockholders to sell to clear the market," analysts at Citi said in a note.