Citi Sets Short-Term Gold Price Target at $4,500

Citi expects that despite the third quarter historically being a peak season for inventory stocking, India's gold imports will remain subdued in the third quarter due to ample scrap supply, cautious consumer sentiment, and local price discounts, which suppress fresh import demand. Citi has set a short-term gold price target of $4,500 for the next 0 to 3 months, assuming a de-escalation of tensions in the Strait of Hormuz and a less hawkish stance from the Federal Reserve. There are still risks in the short term that could lead to a decline in gold prices, including significant re-escalation, AI-driven de-risking operations, and the Fed's continued hawkish position.

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