FX Empire market analyst Vladimir Zernov noted that amid weak U.S. jobs data, gold breached the $3,370 per ounce level, silver attempted to stabilize above $37.50, and platinum prices briefly broke through resistance near $1,350. Concurrently, Citi abruptly reversed its stance, raising its gold price forecast to $3,500 per ounce.
Spot gold rose 0.40% intraday. Zernov stated that if it closes above the $3,350-$3,360 resistance zone, it will target the $3,440-$3,450 range. Silver surged 1.08% intraday, with the gold:silver ratio pulling back towards the 90 level. A move above $37.50 would challenge $38.35. Platinum retreated after hitting an intraday high of $1,361 per ounce. A breakout above the $1,350 resistance would target the $1,400-$1,405 range.
Citigroup announced on Monday that it has:
Drivers cited include:
Global gross gold demand has risen over 33% since mid-2022, driving prices to nearly double by Q2 this year. Citi analysts emphasized strong investment demand, steady central bank buying, and resilient jewelry consumption despite high prices as key drivers.
This bullish forecast starkly contrasts with Citi’s position just six weeks prior. In a mid-June report, Citi had lowered its gold price outlook, warning investors prices could fall below $3,000 per ounce by year-end. At that time, the bank:
Analysts stated in the June report that they expected gold’s safe-haven appeal to diminish heading into 2026 as economic conditions improved.
