Headline: Citi Research Raises Gold and Silver Price Forecasts for China

Citi Research has raised its three-month gold price forecast, citing potential disruptions in the U.S. labor market, Federal Reserve rate cuts, and physical and ETF purchases. The bank increased its previous three-month gold price forecast from $2,700 per ounce to $2,800, and announced a 6-12 month forecast of $3,000. For silver, Citi has raised its 6-12 month price forecast from $38 per ounce to $40.

Citi noted, “Gold and silver have performed exceptionally well despite the Fed's 50 basis point cut, weakened Chinese retail physical demand following last month's employment growth, and rising U.S. interest rates. Gold may also rise in the near term scenario of escalating oil tensions in the Middle East."

For platinum, Citi set a three-month price target of $1,025 per ounce and a 6-12 month target of $1,100 per ounce, maintaining its neutral-bullish position. Conversely, Citi indicated a bearish stance on palladium following recent price increases, with a three-month target of $1,000 per ounce and a 6-12 month target of $900 per ounce.