Citi raises its gold per ounce forecast and announces new target
As investors turn their attention to gold prices, a prominent bank has revised its short-term expectations for gold per ounce upward.
While the rise in gold prices continues in global markets, financial institution Citi has raised its near-term price target for gold per ounce.
Citi's New Gold Per Ounce Targets
While the rise in gold prices continues unabated in global markets, financial institution Citi has updated its expectations. The bank raised its 0-3 month target for gold per ounce to $4,800.
Medium-Term Expectations Maintained
Citi analysts pointed out that the recent upward movement in gold could continue in the short term. The bank's previously established 6-12 month target of $5,000 was maintained as is.
Impact of the Bond Move on the Market
Continuing its rise, gold per ounce tested around $4,700, reaching its highest intraday levels since mid-May. The US Treasury's decision to expand its buyback program for long-term government bonds played a role in this rise.
Future Risks and Data
While gold per ounce gained over 7% last week, markets are closely monitoring the US inflation data to be released this week and developments regarding monetary policy.