Citi maintains its short-term gold price target at $4,500 per ounce.

Citi maintains its short-term gold price target at $4,500 per ounce for 0 to 3 months. This target assumes an easing of tensions in the Strait of Hormuz and the Federal Reserve adopting a less hawkish stance. However, significant near-term risks remain, including the potential for renewed escalation, AI-driven de-risking actions, and the possibility of the Federal Reserve maintaining its hawkish position.