Citi cuts near-term gold price target from $4,300 to $4,000, warns of limited upside

Citigroup has lowered its three-month gold price target to $4,000 per ounce from $4,300. Analysts cite improving macro conditions and weaker demand support. They point to stabilizing real yields, a firmer short-term dollar bias, fading safe-haven premiums amid easing geopolitical tensions, and slower central bank buying plus ETF inflows.

The bank sees limited catalysts for a sustained near-term rise. “We see limited catalysts for a sustained move higher in the very near term,” the note said. “Near-term upside looks capped unless we see a fresh shock.”

Longer-term forecasts stay at $4,500 for six to 12 months. This follows the January upgrade to a $5,000 short-term target. Citi still expects silver to outperform gold before industrial metals dominate later in 2026.