Citi continues to take a bullish stance on precious metals, maintaining price targets that sit well above current spot levels.
In its latest research note, the bank sets a 0-3 month point target for gold at $4,800 per ounce and a 6-12 month forecast at $5,000 per ounce, compared with an approximate spot price of $4,500 per ounce. For silver, Citi is forecasting $75 per ounce, versus a spot price of $67 per ounce.
The firm notes that gold retreated following a hawkish speech delivered by Warsh on Friday, August 29, 2026. Citi interprets that pullback as an opportunity for buyers to step in, describing the move as a dip to be purchased.
Alongside its price outlook, the bank highlights a series of risks and technical indicators to watch. Citi points to binary risks centered on the Jackson Hole event, and it cautions that the August rally in gold was fragile - driven predominantly by speculative and paper trading without a clear follow-through in physical demand.
On the technical side, Citi identifies the 100-day moving average at roughly $4,366 per ounce and the 50-day moving average at about $4,218 per ounce as key support levels. The firm also notes that the $4,000 per ounce threshold has acted as firm support amid weak trading in July.
The research note attributes gold's July lows to buying from China and ultra-high-net-worth investors, which helped establish a base. Subsequent moves higher were supported, in Citi's view, by Treasury purchases of the yen and the U.S. long end, factors that contributed to upward pressure on prices.
Citi's commentary frames the recent decline not as a change in conviction, but as a potential entry point for investors who view the bank's higher targets as achievable over the short and medium term. The firm continues to flag event-driven volatility and the speculative composition of recent gains as considerations for market participants.