Citi Sees Gold Price Dip as Buying Opportunity

Citi has maintained its bullish stance on precious metals despite a recent dip in gold prices. The bank's research note suggests that investors should take advantage of the current market conditions to buy gold.

The price target for gold is set at $4,800 per ounce over the next 0-3 months and $5,000 per ounce between 6-12 months, compared to the current spot price of approximately $4,500 per ounce. For silver, Citi forecasts a price of $75 per ounce versus the current spot price of $67 per ounce.

The recent decline in gold prices is attributed to a hawkish speech by Warsh on Friday, August 29, 2026, which Citi views as presenting dip-buying opportunities. However, the firm noted that there are binary risks around Jackson Hole and the fragility of the August rally, which was driven by speculative and paper trading with a lack of physical demand follow-through.