Citibank sees gold prices rallying to $3500 over the next three months. The previous estimate was $3000 with the average of $3250 during Q2 2025.

Gold prices reached a high on Wednesday at $3357.92. The price is currently down $41.40 or -1.24% to $3298.59.

Technically, the 100-hour moving averages rising and currently at $3260.83 just above the average price as expected from Citibank. Holding above that level would keep the sellers in firm control. On a break below, the 38.2% retracement of the recent move up from the April 7 low comes in at $3204.43.

Gold has benefited from flight to safety flows. Central banks have also been big buyers.

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