Citi: Expects short-term gold target price of $4,500

TechFlow news, July 28, Citigroup stated that the base case shows that although historically the third quarter is a seasonal peak for restocking, India's gold import volume will remain sluggish in the third quarter. The reasons lie in ample scrap supply, cautious consumer sentiment, and local price discounts, which suppressed fresh import demand. However, Citigroup still sets the 0-to-3-month short-term gold target price at $4,500. The bank stated that this target assumes easing tensions in the Strait of Hormuz and the Fed turning less hawkish; short-term there still exist many risks that could cause gold prices to fall further, including significant re-escalation, AI-driven de-risking operations, and the Fed's continued hawkish stance. (Jin10)