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Fred Cole

An editor at FOMOdrive

  • Jul 21, 2023
  • 2 min read

Citibank told when to buy gold

Gold 999 bricks with us dollar packs

Citibank has indicated that there will be a great chance to purchase gold in the near future.

In the first half of 2024, the price of the precious metal is predicted to increase to between $2100 and $2200.

For this quarter, it is possible that gold may decrease in value.

Midas Touch Consulting predicts that gold is likely to reach $2,500 in the near future.

Citibank believes that there will be an opportunity to purchase gold at a lower price in the latter half of this year. The best time to buy may be in the middle or near the end of the third quarter.

Citi has increased its prediction for the average cost of gold in 2024 to $2040, up from $2030. Additionally, it is expected that gold prices may reach $2100-2200 in the first half of 2021.

In the next 6-12 months, the bank anticipates that gold prices will increase due to potential speculative purchases. This increase will be further supported by the demand for physical gold from China, additional purchases of gold by central banks around the world, and the potential for a further decrease in the value of the US dollar.

United Overseas Bank predicts that gold may surge past the $2,000 mark in the latter half of 2023. The Federal Reserve is finishing its series of rate increases, and the US dollar is projected to reach its peak by the end of this year.

Credit Agricole, a French bank, has increased its prediction for the price of gold in 2024. They now anticipate that gold will reach its highest point of $2,050 per ounce in the first three months of 2024, and then decrease to $2,000 by the end of the second quarter of the following year.

The FOMOdrive analyst team notes that gold could potentially move within a long-term pattern and head to $2370 (161.8% of the initial increase), which could take more than half a year. However, there is a good chance that the bears will be able to demonstrate their strength and prevent the growth scenario from occurring, despite the fact that it could surpass the previous tops of $2081.

For the past 12 years, gold has been on the brink of breaking out to $2,500. According to Florian Grummes, managing director of Midas Touch Consulting, the metal needs to break through the current resistance at $2,070 in order to unlock its "phenomenal" upside potential. From a technical standpoint, Grummes believes that gold could easily reach $2,500 and then continue to climb to $3,500 and even $5,000.

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