Citi Cuts Gold Price Forecast to $4,300 per Ounce Within Three Months

According to Citi on May 22, the bank cut its gold price forecast to $4,300 per ounce within three months, marking the most aggressive downgrade among major global investment banks on the precious metal. This is the fourth major bank to shift its outlook on gold this year.

Morgan Stanley cut its 2026 gold target for the second half to $5,200 per ounce in late April, well below its prior guidance of $5,700. Morgan Chase downgraded its 2026 average gold price forecast from $5,708 to $5,243 per ounce, citing weakened investor demand. ANZ also lowered its year-end gold target from $5,800 to $5,600 per ounce, pushing back the timeline for gold reaching $6,000 from early 2027 to mid-2027.