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Gold will touch US $3,000/oz: Citibank Analysts

Citibank analysts have predicted that gold will pass $2,500 an ounce in the second half of the year and hit $3,000 an ounce within the next six to 18 months.

The forecast comes as the yellow metal’s spot price recently notched an all-time high of $2,431. It surpassed $2,400 again on Friday, but by press time on Monday had dropped significantly, to $2,337 an ounce.

Citibank analysts see the price of gold heading higher later this year; if the Federal Reserve begins another cycle of trimming interest rates, they said, it could be the “bullish kicker” that propels gold to $3,000.

Citibank said central bank demand was particularly strong, accounting for 25%-27% of annual gold mine production, with the People’s Bank of China the biggest buyer.

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