On June 10, Citibank projected that if disruptions in the Strait of Hormuz continue into this summer, global demand for gold purchases may further decline, potentially causing gold prices to drop to $3,500 per ounce by September. Currently, Citibank has lowered its three-month gold price target from $4,300 per ounce to $4,000 per ounce.
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Citi Predicts Gold Prices May Drop to $3,500 per Ounce by September
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