Citi expects a gold price target of $4,500 per ounce over 0-3 months.

Citi said its 0-3 month point target price for gold is $4,500 per ounce, as the bank expects gold to have significant upside potential if the Strait of Hormuz reopens and the conflict between Yemen and Saudi Arabia eases by year-end as expected. The bank set its 6-12 month target price for gold at $5,000 per ounce. Citi also said that if oil prices fall sharply, the Federal Reserve may begin cutting interest rates, which would make gold more attractive to investors and fuel a new round of global gold gains.