London Gold Drops Below $4,600, Citi Sets 3-Month Target at $4,300

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According to Shanghai Securities News, London spot gold fell to $4,531.544 per ounce as of May 22, down 0.25% intraday. Gold has dropped over 14% since March amid cooling investment demand. Recently, multiple major international banks downgraded their gold price outlooks, with Citi taking a notably bearish stance and setting a target of $4,300 per ounce for the next three months. Overall, banks expect a near-term cooling but longer-term strength in gold prices.
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