Could gold be ready to smash through the $3,000 an ounce ceiling? Well, according to some new research from Citi, this could very easily be the case in the foreseeable future.
And it chimes with a deep dive by Goldman, which sees the yellow metal hitting this new milestone by the end of next year.
So far in 2024, the price has advanced 35% $2,780 per ounce.
Citi says traditional indicators such as interest rates and currency values have not fully explained this trend.
Instead, the American investment bank attributes the rise to strong investment demand from both public and private sources, now absorbing nearly 80% of the global gold supply.
Analysts at Citi suggest that as financial and jewellery demand both continue to grow, the market could see gold prices break records.
Should these investment patterns persist, Citi projects that gold could soon reach the unprecedented $3,000 mark.