Citi raises its short-term gold price target to $4,800, with a mid-term outlook of $5,000.

(1) Citi has raised its three-month gold target price to $4,800 per ounce, mainly driven by the U.S. Treasury's announcement of an increased long-term bond buyback program, which has pushed gold prices higher. Analysts noted that the momentum for gold price increases "still has room for further release."

(2) This round of price gains has been mainly driven by speculative funds (especially inflows from futures), and continued rises will require support from physical demand.

(3) Citi maintains its six- to twelve-month target price at $5,000 per ounce, citing reasons such as the potential resolution of tensions in the Strait of Hormuz, expectations of declining real interest rates, and a possible dovish shift in the Federal Reserve's policy stance.