$1307.98 target on Gold from Citibank.

Home / Citi Bank / $1307.98 target on Gold from Citibank. FORECAST

Citibank Wealth Management published its Weekly FX Insight, where it provided an analysis on gold price. According to the report, the prices on gold increased driven by the fall in USD as earnings growth missed estimates, although nonfarm payrolls grew 242K in February.

The analysts think that the slowdown in global economy may postpone the Fed’s next rate hike, which will slow down USD and thus support gold prices. Citibank provides a target of $1307.98/ounce, with support at $1,224.43.

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