Citi Citi analyst Aakash Doshi expects continued strong demand for gold bullion,
“Physical gold demand likely softened in 2Q versus 1Q, albeit off a very strong base. Underlying gold consumption growth is still trending positive for 2024 and could help push 2H’24 spot trading towards a record $2,400-2,600/oz average price range, as financial investors play catch-up. Chinese retail gold imports and global central bank gold demand eased in recent months following a record 1Q seasonal. However, bullion ETF inflows have started to manifest, and buying interest there could become more pronounced into quarter-end and year-end. We remain constructive on gold physical uptake over the next 12m with a potential Fed cutting cycle and US labor market headwinds buttressing paper demand for the yellow metal. Our base case price targets $2,800-3,000/oz gold trading for mid-2025 (+10-20% versus the forwards)”