2 July
Citi lifts its three-month target price for gold to $3,500 an ounce
Citi Research hikes gold price target to $3,500 per ounce, up from $3,200 per ounce. The revision was influenced by recent buying activity from Chinese insurers and increased investor interest in the precious metal amid escalating trade uncertainties, according to a note from analysts released Thursday.
Citi estimates that China's move to permit 10 insurers to allocate up to 1% of assets to gold could boost annual demand by approximately 255 tons. This represents roughly 25% of global central banks' annual gold purchases.
Gold prices retreated more than 1% on Thursday after hitting a record high of $3,357.66 earlier in the session, Reuters analysts noted. A softening US dollar and heightened trade tensions between Washington and Beijing countered pre-weekend profit-taking, maintaining gold prices above the $3,300 threshold.
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