Loading prices...

Register/Sign in
ScrapMonster
Gold April 16, 2024 06:00:57 PM

Citi: Gold Prices to See Near-Term Surge

Paul Ploumis
ScrapMonster Author
There exists strong buying support for gold at around $2,200 per ounce levels, it said.

Citi: Gold Prices to See Near-Term Surge

SEATTLE (Scrap Monster): Citi Research predicts huge surge in gold prices in the near term.

The prices of the yellow metal are projected to touch $3,000 per ounce over the next six to eighteen months period. This is nearly 25% above the current spot price of gold. Also, it expects gold prices to frequently test and breach levels of $2,500 per ounce during the latter half of 2024. It must be noted that gold prices have witnessed nearly 20% over the past one year.

RELATED NEWS:

Goldman Sachs Lifted 2024 Gold Price Forecast

Market Expert Foresees 50% Upside for Gold by End-2025

The research note released by Citi noted that the recent gold price rally has been supported by geopolitical tensions across the globe. A sharper shift toward a risk-off environment could provide further push to gold prices. However, it anticipates a likely pullback in bullion prices in May or June this year. There exists strong buying support for gold at around $2,200 per ounce levels, it said.

Citi Research updated its baseline gold price forecasts, increasing the 2024 estimate by 6.8% to $2,350 per ounce and 2025 estimate by 40% to $2,875 per ounce. A cycle of interest rate cuts by the U.S. Federal Reserve and a consequent rally in Treasury markets could act as key drivers to push the gold prices to $3,000 per ounce levels before end-2025.

How to Recycle

Simple Ways to Dispose of Tires

Simple Ways to Dispose of Tires

Are you in search of some simple and eco-friendly methods to help you responsibly dispose of tires, then read our blog post to learn more.
Recycling and Disposal of Light Bulbs – More to Know

Recycling and Disposal of Light Bulbs – More to Know

Proper disposal of all types of light bulbs, protects the environment and recovers valuable materials.
How to Get Rid of Shredded Paper - Recycling Options

How to Get Rid of Shredded Paper - Recycling Options

Thinking how to get rid of shredded paper? Well, there are many recycling options. Read More.
powered by RecyclingMonster
×

Quick Search

Advanced Search