Citigroup raised its three-month target price of gold to 4,800 US dollars per ounce. Earlier, the US Treasury announced an increase in the scale of long-term bond repurchases, driving up the price of gold. Analysts, including Hu Kenney, wrote in the research report that “there is still room for further release” of the upward momentum in gold prices. Analysts said, “Up to now, this round of growth has been mainly driven by speculative capital, especially the inflow of futures capital. If the upward trend is to continue, physical demand needs to keep up.” Citi kept its target price of 5,000 US dollars/ounce unchanged for 6 to 12 months due to the eventual resolution of the situation in the Strait of Hormuz, a decline in real interest rates, and a shift in the Federal Reserve's position.

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