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Citi’s gold expectations

ByVictoria

Citi expects the price of gold to consolidate around $3,100 to $3,500 per ounce in the third quarter, as prices moderate due to geopolitical de-escalation in the Middle East and an improved global growth outlook, the bank said in a note on Monday.

“We expect continued price consolidation … and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already,” Citi said in the note.

Source – Reuters

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    Although gold and silver saw disappointing price action on Friday, experiencing their worst daily loss since mid-December, some analysts note that the damage to the broad rallies has been limited.

    The gold market started the week holding initial support around $2,880 an ounce. Spot gold last traded at $2,896.50 an ounce, up 0.50% on the day. Silver is also finding solid support, as it has bounced off its overnight lows just below $32 an ounce. Spot silver last traded at $32.20 an ounce, up 0.20% on the day.

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    Gold reversed course and edged higher on Monday, supported by a weaker dollar, after hitting a more than one-month low earlier as easing U.S.-China trade tensions dampened safe-haven demand and bolstered risk appetite.

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    ByVictoria
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    U.S. President Donald Trump sprang a double surprise on the copper market when he announced import tariffs of 50% effective next month.

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    ByVictoria
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    Moody’s Corporation – (MCO) a New York-based company that owns Moody’s Investors Service that rates creditworthiness of companies, governments, and fixed income debt securities, and Moody’s Analytics.