Citi has revised its near-term gold forecast to a bold $3500 per ounce, up from previous estimates ranging between $3000 and $3300. This revision stems from renewed threats of U.S. tariffs against the EU and heightened geopolitical instability.

The bank predicts gold prices will fluctuate between $3100 and $3500 as market participants deepen their investments in safe-haven assets, particularly amid rising uncertainty.

Significant factors influencing this upgrade include escalated tariff concerns, which have increased gold’s risk premium, and ongoing geopolitical tensions that bolster the appeal of precious metals.

While the firm remains cautious long-term due to the political cycle and record levels of private gold ownership in the U.S., the immediate outlook for gold appears optimistic as investors seek refuge amidst volatility.