Citibank raised its gold price forecast for the next three months to $3,500 per ounce from $3,300, and its expected trading range to $3,300-$3,600 from $3,100-$3,500.
This reflects Citi's assessment that the near-term outlook for US growth and inflation has deteriorated.
The bank said on Monday, "US growth and tariff-related inflation concerns are expected to remain elevated through the second half of 2025, which, combined with a weaker dollar, is expected to lead to moderate increases in gold prices, pushing them to all-time highs."