CITI – Gold Outlook, Sep 2025

The main theme of the report is the analysis of the current state and prospects of the gold market.

Key findings include the forecast of the continuation of the bull market for gold in the short term with a price target of $3,800 per ounce in the next 0-3 months. The market is influenced by both cyclical factors (weakening US labor market, tariff issues) and structural factors (concerns about US debt, US dollar status and Fed independence, heightened geopolitical risks). High volatility is expected due to cyclical factors, despite long-term structural drivers.