Citi raises its gold price forecasts for the next three months by $100 per ounce.

In a recent memo published by the famous American financial group Citigroup, the group's analysts have raised their expectations for gold prices over the next three months.

According to the memo, the group has increased its expectations for the price of gold per ounce over the next three months by $100, with Citigroup experts now predicting that the price of gold will reach $2,800 per ounce, up from their previous forecast of only $2,700 per ounce.

This comes as spot gold contracts are trading near their all-time highs recorded a week ago, with spot contracts for the yellow metal trading at $2,751.24 per ounce after a 0.38% increase, having approached earlier in the session close to the level of $2,758.58, which was recorded last Wednesday, October 23.

At the same time, the banking and investment group maintained its target price for gold over the next six to twelve months at $3,000 per ounce.

The company also raised its target for silver prices over the next six to twelve months from $38 per ounce to $40 per ounce, while spot contracts for the white metal are currently trading at $34.11 per ounce, reflecting a 1.38% increase today.