Citi's latest report forecasts a bullish outlook for gold, predicting prices could approach $3,000 per ounce by the end of 2024. This projection is driven by a combination of factors, including a deteriorating U.S. labor market, persistently high interest rates impacting economic growth, and increased demand for gold ETFs. Despite recent adjustments in Federal Reserve expectations, Citi remains optimistic about gold's trajectory. "Citi remains bullish gold seeing prices closing in on $3,000/oz by end-2024," the report states. The analysis also highlights challenges faced by Newmont Corporation, the world's largest gold miner, which has underperformed due to production downgrades and operational issues. However, Citi maintains a "Buy" rating on Newmont, citing potential tailwinds from rising gold prices and achievable 2025 guidance.