Citi Cuts Gold Price Target to $4,000 Per Ounce on Monday Amid Oil Prices and Rate Hike Risks

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According to Citi on Monday, the bank lowered its short-term gold price target from $4,300 to $4,000 per ounce, citing sustained tensions in the Strait of Hormuz and elevated oil prices that may force the U.S. Federal Reserve to raise interest rates this year. Spot gold held near $4,330 per ounce, with the market facing inflation concerns after stronger-than-expected May jobs data and renewed Iran-Israel clashes.
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