Citi Research Metal Matters January 30, 2026 Gold outlook update – valuation and retail/investor breadth are red flags Maximilian LaytonAC Global Head | Commodities max.layton@citi.com +44 20 7986 4556 Kenny Hu, CFAAC Commodities kenny.x.hu@citi.com +65 6657 3873 Viswanathrao KintaliAC Commodities viswanathrao.kintali@citi.com +91 22 4277 5092 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Fir ...