Gold Prices Eye $5,000 as Citi Reaffirms Targets Amid Volatility

Gold prices have experienced significant volatility in recent months, plummeting from record highs above $5,500 per ounce earlier this year to consolidate around the $4,000-$4,150 range for much of the past two months.

The metal had initially surged into the US-Iran conflict, but sentiment shifted to a higher-for-longer interest rate environment, leaving gold prices 17% lower over the past six months.

Citi has reaffirmed its ambitious gold price targets of $4,500 per ounce within three months and $5,000 by year-end, though the bank cautions that the precious metal's recovery trajectory depends heavily on resolution of the US-Iran conflict and subsequent normalization of energy markets.