Citibank Announces 2021 Gold Price Target
Citibank Announces 2021 Gold Price Target – Cryptocoin – Kitco analyst Rajan Dhall commented today on the opening of Gold markets from a European perspective and included Citibank’s forecasts.
Dhall’s comments were as follows:
Gold started the week with a difficult start as gold fell around 1% during the Asian session.
This decline has continued since the price broke the $ 1818.84 an ounce level on November 23. There is a potential support level at $ 1747.74 to follow the Gold price this week. There was a 2.60% drop in silver and seems to be heading towards $ 21.66 an ounce, and oddly enough, this move in the two precious metals comes despite the dollar index trading down 0.14% overnight.
Gold Price Prediction
Citibank dropped its gold price forecast to $ 1700 for 2021. Net investment in gold ETFs is expected to reach 800 tons by 2020. This is 75 tons less than previously anticipated.
Although there are few developments to follow in the global markets today, Brexit is one of the prominent issues on the agenda.
Regarding the Brexit legend, Dominic Raab of Britain was positively approached in the Brexit trade deal over the weekend. The British Foreign Minister stated that the most important problem to be solved in the trade agreement consultations with the EU is fishing rights. He also stated that given the progress negotiators have made on other issues, the two sides should be able to reach an agreement on fishing. “We continue to work with patience and determination,” said Barnier from the EU.
Among the prominent topics of today’s meeting are the OPEC meeting, Chilean copper production, CPI data in Germany, UK’s leading figures, and pending home sales in the USA.