Citigroup expects gold prices to fall below $3,000

Citigroup has lowered its short- and long-term gold price targets, expecting prices to fall below $3,000 per ounce by late 2025 or early 2026, driven by lower investment demand and an improved global growth outlook.

The bank revised its 0-3-month and 6-12-month gold price targets to $3,300 per ounce from $3,500 and $2,800 per ounce from $3,000, respectively.

Gold prices are expected to remain stable between $3,100 and $3,500 per ounce in the third quarter in the bank’s base case, supported by geopolitical risks, potential changes in US tariff policy, and US budget concerns, before a downward trend begins, Citi noted.