Gold could reach 3,000 per ounce by mid2025 Citi
Bullion up over 24 for the year
Gold ETFs saw fourth consecutive month of inflows in August WGC

Sept 13 Reuters Gold market bulls are locking in bullion prices surging to fresh records, with a milestone of 3,000 per ounce coming into focus, fired up by monetary easing by major central banks and a tight U.S. presidential election race.

Spot gold reached a historic high of 2,572.81 an ounce on Friday and is on track for its strongest annual performance since 2020, with a rise of over 24 driven by safehaven demand, due to geopolitical and economic uncertainty, and robust central bank buying.

Gold could reach 3,000 per ounce by mid2025 and 2,600 by the end of 2024 driven by U.S. interest rate cuts, strong demand from exchange traded funds and overthecounter physical demand, said Aakash Doshi, head of commodities, North America at Citi Research.

Last week, the World Gold Council said global physically backed gold exchange traded funds saw a fourth consecutive month of inflows in August.

With the next Federal Reserve meeting approaching on September 18, markets are gripped by the likelihood of the first U.S. interest rate cut since 2020. Low rates tend to be supportive for gold, which bears no interest.

Investors are currently pricing in a 55 chance of a 25basispoint U.S. rate cut and a 45 chance of a 50bps cut, the CME FedWatch tool showed.

If incoming data points to growth risks and weakness in the labor market, it…