Citi has reaffirmed a near-term gold price target of $3,500 per ounce, pointing to rising trade tariffs and heightened geopolitical risks as the main factors supporting higher prices.
The bank recently adjusted its forecast range for gold upward to $3,100–$3,500, up from a prior $3,000–$3,300 projection, while keeping a cautious view over the longer term.
Analysts at Citi expect gold to consolidate and stabilize in the second half of 2025 as trade tensions ease and the Federal Reserve shifts its policy stance. This outlook reflects the bank’s view that while short-term pressures and risk premia can push prices higher, longer-term direction will depend on macroeconomic developments and monetary policy decisions.
In its metals outlook, Citi also maintained short-term targets for other precious metals, leaving palladium at $1,050 per ounce and platinum at $900 per ounce. These levels reflect the bank’s assessment of supply-demand balances and industrial demand trends, as well as broader market sentiment.
Investors watching the metals complex should consider the interaction between geopolitical events, tariff dynamics and central bank policy when assessing potential price moves. Citi’s revised short-term range for gold suggests a higher risk premium in the market today, but the bank’s cautious long-term stance underscores uncertainty around sustained price increases.
Overall, Citi’s updated estimates highlight the importance of monitoring policy decisions and trade developments that could influence precious metals prices through 2025 and beyond.