just walk me through your latest estimate on exactly what the price is going to look like at the end of Q4 and how much more steam does this gold rally actually have. >> We look at the foundations of this rally. Yes, it started with a lot of central bank buying, record buying over the past couple of years, but this year that buying momentum tilted towards the ETF buyers and that has accelerated at a pace that we haven't seen since 2020.In fact, we're now just 20 tons shy of the all-time high that was reache ...

V i e w p o i n t | 30 Jun 2025 10:52:19 ET │ 11 pages Metal Matters Gold consolidated to our 0-3m target of $3,300/oz; OBBBA and upcoming trade deals to further reduce US growth concern CITI'S TAKE We downgraded our 0-3m pt price target from $3,500/oz to $3,300/oz in our 3Q Outlook out in mid-June, and gold price has since declined by over $100/oz, now trading right below our target. Gold price moderated lower in 2H'June amid Middle East de-escalation and improved global growth outlook, and despite weaker ...