Citi slashed its forecasts for gold and silver prices following a Monday sell-off, citing a shift in global market conditions.
The bank lowered its zero-to-three-month gold price to $3,800 per ounce from $4,000, and slashed its silver forecast to $42 per ounce from $55. Spot gold was trading 2% down at $3,901.23 per ounce at the time of writing, while spot silver was down 2.2% at $45.82 per ounce.
According to a Reuters report, the cuts follow U.S. President Donald Trump’s trade talks with countries including Malaysia, Thailand, Vietnam, and Cambodia, as well as potential negotiations with Brazil, India, and Taiwan.
