Citi(US:C) Jin Shi Shu Ju·2025-09-22 14:23Group 1 - Gold prices reached new highs, with silver prices hitting their highest levels in over a decade, driven by expectations of a dovish Federal Reserve leadership and declining real interest rates [1] - Citi strategists predict a bullish trend for gold and silver, extending to copper and aluminum by 2026, influenced by economic conditions and stimulus measures from the Inflation Reduction Act [1][2] - The report highlights cyclical factors like a weak labor market and structural concerns such as U.S. debt and a weakening dollar as key drivers for precious metal price increases [1] Group 2 - The current conditions for a gold bull market are nearly all in place, with a target price of $3,800 per ounce in the next three months and a potential peak of $4,000 per ounce in the coming months [2] - For aluminum, the outlook is very bullish over the next 6 to 36 months, with any price pullbacks seen as strong long-term buying opportunities due to its connection with AI and energy demands [2] - Copper prices are expected to reach a baseline of $12,000 per ton in the next 6 to 12 months, with an optimistic scenario predicting $14,000 per ton, benefiting from structural energy transitions and AI trends [2] Group 3 - Citi revised its gold price forecast for Q1 2026 from $2,900 per ounce to $3,700 per ounce, while projecting a decline to $2,800 per ounce by Q4 2026, slightly above previous estimates [3]