Citi analysts forecast a bullish outlook for gold, projecting prices to reach $3,000 per ounce within 6-12 months, following President Trump's imposition of a 25% import tariff on Canada and Mexico, effective February 4, 2025. The tariffs, which also include a 10% levy on energy imports from Canada and China, are expected to significantly impact U.S. metal pricing, particularly for copper, silver, and gold. "We see further tariff escalation as bullish for gold to $3,000/oz and silver to $36/oz," Citi notes, highlighting the U.S.'s reliance on Canadian and Mexican imports for these metals. The report suggests that while alternative sources like Peru and Switzerland may mitigate some impacts, the effective cost of U.S. metal imports will rise, potentially leading to physical shortages. Additionally, the willingness to impose tariffs on free-trade partners like Canada and Mexico reduces the likelihood of exemptions for other FTA countries, further widening the pricing gap between U.S. and non-U.S. metals.