Citi's latest Global Asset Allocation report highlights a continued bullish stance on gold, driven by persistent central bank purchases and rising tariff uncertainties as the U.S. approaches a new presidential inauguration on January 20, 2025. The report underscores that "central bank buying will continue to dominate traditional fundamentals," supporting gold prices despite potential headwinds from U.S. Treasury yields. Citi analysts note that gold has shown "significant bullish asymmetry" since 2022, even when real rates have increased. This trend is expected to persist as central banks, particularly in emerging markets, diversify reserves away from the U.S. dollar. Additionally, the report suggests that the fiscal-heavy policies of the incoming administration could further bolster gold's appeal as a hedge against inflation and geopolitical risks.