$3K gold in 2024 according to Citi

  • Citi bank predicts a potential 50% surge in gold prices to $3,000 per ounce this year, primarily driven by continued gold accumulation by central banks, particularly those in emerging markets.
  • There is a heightened risk of global conflict impacting the demand for safe-haven assets like gold, as evidenced by the US warning its allies about Russia’s potential deployment of a nuclear anti-satellite space weapon.

Citi bank suggests that gold prices might experience a surge of up to 50%, reaching $3,000 per ounce this year.  

This projection is based on two potential scenarios. The first involves a continuation of central banks, particularly those in emerging markets like China, Russia, India, Turkey, and Brazil, increasing their gold accumulation. According to the World Gold Council, global central banks have maintained a trend of purchasing over 1,000 tons of net gold for two consecutive years. Citi thinks that a doubling of this tonnage is possible. 

The second scenario considers the possibility of global conflicts intensifying, leading buyers to seek refuge in safe-haven assets like gold.  

Interestingly, today, the US has started warning its allies about Russia’s potential deployment of a nuclear anti-satellite space weapon this year. CNN sources reveal Russia’s efforts to develop a weapon capable of destroying commercial and government satellites by generating a massive energy wave upon detonation. 

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