The plunge of 6% in the golden day caused the market to panic. Citi: The target price of $4,000 has been turned from long to short
2025-10-21 15:59:15
Gold prices tumbled as much as 6 per cent on October 21 as investors reassessed the uncertainties driving the flow of funds to safe havens. "We expect the end of the US government shutdown and trade tensions to push gold prices into a consolidation phase over the next two to three weeks," Maximilian Layton, analyst at Citi Research, said in a note. Layton said Citi maintained its gold target price near $4,000 an ounce - a level he highlighted as previously seen as an ideal (bullish) target, which has now turned to "bearish" expectations. Spot gold is currently trading around $4,140 an ounce.
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