Citi Bank has a message for investors on gold

Citi Bank's analyst Kenny Hu and his team have raised their 3-month gold price target to $5,000 per ounce, citing heightened geopolitical risks and physical market shortages. Gold hit an all-time high of $5,405 an ounce in January 2026 and has since pulled back 15% to around $4,612. Citi is cautious about gold's medium-term prospects, expecting it to struggle to move higher from current levels. The bank's base case is that gold will retreat toward the mid-$3,000s as the U.S. economy stabilizes. Citi's bull case scenario sees gold hitting $6,000 by late 2027 if there's a massive global wealth reallocation into gold. Most Wall Street peers are more bullish on gold, with JPMorgan and Deutsche Bank forecasting prices above $6,000.