GOLD PRICE FORECASTS RAISED BY CITI AND UBS: • UBS: Increased its 12-month gold forecast to 3,000/oz from 2,850/oz, expecting continued growth due to global rate cuts, uncertainty, and strong investor/central bank demand. • Citi: Updated its short-term target to 3,000/oz and 2025 average to 2,900/oz from 2,800/oz, driven by trade wars, geopolitical tensions, and de-dollarization under Trump's administration. • Current Market: Gold hit new highs at around 2,870/oz, influenced by tariffs and a hawkish Federal Reserve. • Outlook: Both banks see a sustained bull market for gold, with Citi noting potential risks from tariffs but currently estimating only a 20% chance of gold being included in such measures.