XAU/USD: Citi expects physical gold demand to rebound, maintains $3,000 target
Physical gold demand likely softened in the second quarter compared to the first, although “off a very strong base,” Citi analysts said in a Tuesday note.
"If our assessment is accurate, Chinese retail gold imports would represent 47% of world gold mine output in 2024, versus a 2021-2023 average of 34% and a 2017-2019 average of 36%," the analysts state. Moreover, inflows into gold exchange-traded funds should also improve in the second half of the year as the Federal Reserve begins its rate-cutting cycle, Citi added.
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