Citigroup Inc. revised its forecast for gold, with analysts now predicting bullion will rally to a record high in the near term due to a worsening US economy and inflation-boosting tariffs.
The precious metal will trade between $3,300 and $3,600 an ounce over the next three months, due in part to US import levies averaging higher than the anticipated 15%, analysts including Max Layton said in a note on Monday. That contrasts with Citi’s view in June, when the bank saw prices consolidating between $3,100 to $3,500.