Citi said its 0-3 month price target for gold is 4,500 US dollars per ounce because the forecast is that if the Strait of Hormuz reopens and the conflict between Yemen and Saudi Arabia eases as expected before the end of the year, gold will have huge potential to rise. The bank has set a target price of $5,000 per ounce for 6 to 12 months. Citi also said that if oil prices fall sharply, the Federal Reserve may start cutting interest rates, which will make gold more attractive to investors and boost a new round of global gold gains.

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