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| Name | Gold could hit $3,000, Citi analyst says |
| Video Uploader | Video From Yahoo Finance |
| Upload Date | This Video Uploaded At 16-04-2024 17:56:22 |
| Video Discription | Citigroup (C) has forecast that gold prices (GC=F) could reach $3,000 per ounce over the next few months. The analyst behind the call, Citi North America Head of Commodities Research Aakash Doshi, joins Yahoo Finance to discuss his outlook. Doshi states that the "big driver" behind his $3,000 per ounce target is the expectation that financial demand for gold will "catch up to what is strong physical" demand. He notes that demand has surged in the post-pandemic period, with central banks in emerging markets buying "record amounts of gold," solidifying the strength in the "physical demand pool." According to Doshi, the heightened central bank buying has served two critical functions: "It has lifted the gold price floor and it's also damped downside price volatility." He explains that central bank demand, which accounts for 25 to 27% of annual gold consumption, is an important factor supporting the market. With gold already trading at "all-time highs," Doshi believes the support base for gold prices will lie between $1,900 and $2,000 per ounce, with the commodity expected to trade "above that benchmark" going forward. About Yahoo Finance: Yahoo Finance provides free stock ticker data, up-to-date news, portfolio management resources, comprehensive market data, advanced tools, and more information to help you manage your financial life. - Get the latest news and data at finance.yahoo.com - Download the Yahoo Finance app on Apple (https://apple.co/3Rten0R) or Android (https://bit.ly/3t8UnXO) - Follow Yahoo Finance on social: X: http://twitter.com/YahooFinance Instagram: https://www.instagram.com/yahoofinance/?hl=en TikTok: https://www.tiktok.com/@yahoofinance?lang=en Facebook: https://www.facebook.com/yahoofinance/ LinkedIn: https://www.linkedin.com/company/yahoo-finance [Ba9DNMVRUXs] |
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