Citi Maintains 3-Month Gold Target at $4,500/oz Amid Geopolitical Risks

According to Citi, the bank maintained its 3-month gold price target at $4,500 per ounce on July 28, assuming a de-escalation in tensions in the Strait of Hormuz and a shift toward a less hawkish Federal Reserve stance. However, Citi flagged near-term risks that could drive prices lower, including further geopolitical escalation, AI-driven risk-off operations, and a continued hawkish Fed policy.
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