Gold Prices Sink, Citi Sees Buying Opportunity Ahead

Citi analysts have maintained their bullish stance on precious metals, viewing the recent dip in gold prices as a buying opportunity.

The bank's research note sets its 0-3 month point price target for gold at $4,800 per ounce and its 6-12 month forecast at $5,000 per ounce, compared to the current spot price of approximately $4,500 per ounce.

Citi views the decline in gold prices following a hawkish speech by Warren on Friday, August 29, as presenting dip-buying opportunities.