(Reuters) -Citi on Monday cut its short-term gold and silver price targets, lowering zero-to-three month gold price forecast to $3,800 per ounce from $4,000 and its silver forecast to $42 per ounce from $55, citing shifts in global market conditions. The cuts follow trade negotiations led by U.S. President Donald Trump with countries including Malaysia, Thailand, Vietnam, and Cambodia, alongside potential talks with Brazil, India, and Taiwan while China's President Xi Jinping has signaled openness to discussions, reducing market uncertainty, Citi said. The bank said that changes in price momentum, the potential resolution of the U.S. government shutdown, and lower inflation expectations could weigh on gold prices in the near term. Gold prices have surged 51% year-to-date amid geopolitical uncertainty, rate-cut expectations, and central bank buying. They hit a record high of $4,381.21 per ounce on October 20 but have retreated 10% since then. [GOL/] "The litany of worries that are driving gold higher may eventually need to become the base case to sustain this bull run through 2026," Citi said, adding that the medium-to-long term case to allocate towards gold as a hedge against possible geopolitical and economic concerns remains strong. Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce): Brokerage/ Annual Price Forecasts Price Forecas Agency Targets t as of 2025 2026 Citi $3,400 $3,250 Lowers 0-3 October Research month price 28, target to 2025 $3,800 JP Morgan $3,468 $4,753 Expects October prices 23, reaching an 2025 average of $5,055/oz by 4Q26 HSBC $3,455 $4,600 $4,600 per October ounce by 17, year-end 2025 2025 ANZ $3,494 $4,445 $4,400 by October year-end and 16, $4,600 by 2025 June 2026 Bank of $3,352 $4,438 2026 gold October America outlook 13, raised to 2025 $5,000 Societe – – $5,000 by October Generale the end of 13, 2026 2025 Standard – $4,488 October Chartered 13, 2025 Goldman $3,400 $4,525 $4,900 by October Sachs December 7, 2025 2026 Commerzban $4,000 – $4,200 by October k* the end of 7, 2025 next year Deutsche $3,291 $4,000 $4,300 by Septemb Bank Q4-2026 er 17, 2025 UBS – – Decline in October real rates, 16, potentially 2025 into negative territory, could push gold towards $4,700 *end-of-period forecasts (Reporting by Anmol Choubey in Bengaluru; Editing by Mrigank Dhaniwala)
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