Citigroup forecasts that the gold bull market could drive prices up to $3,500 per ounce due to rising investment demand. Concerns over U.S. economic growth and global economic uncertainties, exacerbated by tariff policies, are key factors supporting gold prices. Citigroup suggests that these concerns, combined with strong demand from central banks and other institutions, could push gold investment demand to exceed mining supply by 110% in the second quarter. This is a significant increase from their previous estimate of 95%.
Citigroup notes that this level of demand would be the highest since the global financial crisis and the second highest in over 25 years.
