Citigroup released a report expressing caution regarding the short-term trajectory of gold. The bank noted that the continued closure of the Strait of Hormuz and elevated energy prices have led to a reduction in investor buying activity. This stems from market concerns about risk-off sentiment triggering selling pressure, a pattern consistent with gold's historical precedents.
Citigroup has set a 0 to 3-month price target for gold at $4,300 per ounce. The report added that the price could fall significantly below this level in the event of a major risk-off event.
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