Citi(US:C) Sou Hu Cai Jing·2025-09-23 16:36Group 1: Gold Market Insights - Gold prices reached $3,790 per ounce, marking a 1.19% daily increase and over 44% rise year-to-date, driven by expectations of further interest rate cuts by the Federal Reserve [1] - Citigroup's strategists predict that the bullish trend in gold and silver will extend into copper and aluminum by 2026, supported by declining real interest rates and a weaker dollar [1][7] - The recent surge in gold prices is attributed to strong market expectations for significant interest rate cuts by the Federal Reserve, despite Chairman Powell's cautious stance [1][2] Group 2: Silver Market Dynamics - COMEX silver prices rose to $44.51 per ounce, with a year-to-date increase of approximately 50%, while Shanghai silver futures also hit a near 13-year high [4] - The increase in silver prices is supported by both its financial attributes as a precious metal and its industrial applications, particularly in electronics and renewable energy [5][6] - Analysts suggest that the silver market is more volatile than gold, making it more susceptible to sharp price fluctuations, which could impact industrial demand [6] Group 3: Broader Precious Metals Outlook - The bullish sentiment for gold and silver is expected to extend to other precious metals like copper and aluminum, with forecasts indicating significant price increases in the coming years [7][8] - Factors driving the rise in precious metal prices include a weak dollar, concerns over U.S. economic growth, and increased demand from emerging industries [7][8] - UBS highlights a supply-demand gap in copper, predicting a price target of $11,000 per ton by 2026 due to limited supply growth and increasing demand [8]