Citi and UBS Predict Significant Gold Price Correction; Miners Downgraded
Citi and UBS Predict Significant Gold Price Correction; Miners Downgraded Citi and UBS, major investment banks, forecast a substantial gold price decline of approximately 20% in the coming year. This prediction follows a period of significant growth (108% since late 2022 and 45% in the last 12 months), with gold recently trading around $3394/oz. The projected downturn is attributed to several factors: improving global economic growth and anticipated interest rate cuts by the Federal Reserve. Citi anticipates weakening investment demand…