Citi said that the benchmark situation shows that although the third quarter in history is the peak season for seasonal stocking, India's gold imports will remain sluggish in the third quarter. The reason is that sufficient waste supply, consumer prudence, and local price discounts have curtailed the demand for fresh imports. However, Citi still sets a short-term gold target price of $4,500 for 0 to 3 months. The bank said that the goal assumes an easing of tension in the Strait of Hormuz and the Fed becoming less hawkish; there are still many risks that may cause gold prices to drop again in the short term, including major re-escalation, AI-driven risk reduction operations, and the Fed's continued hawkish stance.

Citi said that the benchmark situation shows that although the third quarter in history is the peak season for seasonal stocking, India's gold imports will remain sluggish in the third quarter. The reason is that sufficient waste supply, consumer prudence, and local price discounts have curtailed the demand for fresh imports. However, Citi still sets a short-term gold target price of $4,500 for 0 to 3 months. The bank said that the goal assumes an easing of tension in the Strait of Hormuz and the Fed becoming less hawkish; there are still many risks that may cause gold prices to drop again in the short term, including major re-escalation, AI-driven risk reduction operations, and the Fed's continued hawkish stance.