Citi's latest Global Macro Strategy report forecasts a bullish outlook for gold, projecting prices to reach $2900 per ounce by the end of 2025, significantly above the median consensus of $2675. This optimistic view is underpinned by robust investment and industrial demand, which is expected to drive prices higher. "Central bank demand, particularly from emerging markets, is likely to remain robust, and the base case is for ETF demand to drive the next leg higher in prices," Citi analysts note. However, they caution that near-term risks persist, especially if U.S. real rates and the dollar continue to rise, which could pressure gold prices. Despite these risks, Citi remains confident in the medium-term fundamentals supporting gold's upward trajectory.