Citi expects gold price to consolidate around $3,100-$3,500 in third quarter

(Reuters) -Citi expects to be combined with $ 3,100 to $ 3,500 per third quarter, because the bank is moderate in a note on Monday, due to a geopolitical increase in the Middle East and a healed global growth appearance.

In the Citi note, “We expect the price consolidation to continue … And the gold market deficit, even if not before the peak in the late April, we may have seen the view that we may have seen the heights as $ 3,500/OZ.” He said.

The Bank added that gold prices have dropped above $ 100 per ounce because it reduced the 0-3-month price target from $ 3,500 per ounce to ounce.

The bank expects the gold market deficit to reach the top in the third quarter. And the market should then be fundamentally weakened on a lower investment request.

Citi expects gold prices to return to $ 2,500 per ounce in the second half of 2026 and said, “Gold manufacturers receive negative insurance at prices from current levels.”

(Reporting by Noel John in Bengaluru; Editing by Joe Bavier)