- Citigroup lowers gold price forecast to $3,800 amidst declining geopolitical risks.
- US government shutdown speculation plays a role in price adjustment.
- Gold’s long-term value as a hedge remains emphasized by Citigroup.
Citigroup has revised its gold price target to $3,800 per ounce, citing reduced geopolitical risks and potential U.S. government resolution, announced on October 27 by Zhuifeng Trading Desk.
This adjustment reflects potential market shifts, underscoring gold’s strategic value amid speculative selling pressures and central bank policies influencing long-term investment strategies.
Citigroup Adjusts Gold Target Amid Declining Geopolitical Risks
Citigroup has lowered its gold price target amidst evolving market conditions, expecting prices to reach $3,800 in the coming months, down from the earlier forecast of $4,000.
Citigroup has indicated that geopolitical risks have eased, and potential profit-taking and speculation about a forthcoming resolution to the US government shutdown have contributed to the recent decline in gold prices, as seen in their commodities market outlook. This suggests potential profit-taking actions by investors in anticipation of market shifts.
Citi’s research team highlights the caution required in navigating gold market changes. The analysis emphasizes that historical trends show temporary effects on assets, underscoring the importance of understanding global economic indicators and regulatory environments.
Gold Market Stability and Related Asset Reactions Explored
Did you know? Citi Downgrades Short-term Gold and Silver Price Forecasts, showcasing historical instances where shifts in geopolitical outlooks prompted immediate but often temporary market responses.
As of the latest update from CoinMarketCap, Bitcoin currently trades at $114,363.89, with a market cap of $2.28 trillion and a dominance of 58.96%. It has experienced a 0.52% drop within 24 hours; however, the asset shows a 6.19% rise over the past week. The circulating supply stands at 19,941,062 BTC, with a trading volume of $50.54 billion. These numbers depict BTC’s resilience amidst broader market shifts.
Despite the short-term bearish outlook, the long-term strategic value of gold as a hedge remains emphasized by the bank.
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Source: https://coincu.com/markets/citigroup-lowers-gold-price-target/