Citi raises gold price forecast

Another US investment bank has jumped on the bandwagon of observers making bullish price forecasts on gold, a safe haven and an inflation hedge. 

Citi analysts have raised their three-month price forecast to $1,825 per ounce, having predicted an average price of $1,715 for the second half of 2020 at the end of May. The bank has maintained its long-standing bullish bais, whereby prices are seen rising to a new record high of $2,000 in 2021. As of now, gold's record price is $1,920 reached in September 2011. 

Goldman Sachs, too, expects gold to set a new record high of $2,000 in the medium-term. At press time, gold is trading at $1,771, representing 12.4% quarter-to-date gains.