Citi hikes gold forecast to $3,500 over next three months

Gold bars

Citi raised its three-month gold price forecast to $3,500 per ounce from $3,300, citing ongoing concerns over US growth and inflation pressures, fueled by elevated tariffs and a weakening dollar.

The bank also widened its expected trading range to $3,300–$3,600, up from a previous range of $3,100–$3,500, forecasting that gold could soon hit record highs.

Citi pointed to soft US labor market data in Q2 2025 and growing doubts over institutional credibility, including the Federal Reserve and US statistical agencies, as well as heightened geopolitical risk from the Russia-Ukraine conflict.

Total demand for gold has surged by more than a third since mid-2022, according to Citi estimates, supported by strong investor inflows, steady central bank buying, and resilient jewelry demand despite elevated prices.