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Citi lifts Gold price forecast for 2017 but sees longer-term pullback

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NEW YORK (Scrap Register): New York based Citi bank has lifted its 2017 gold outlook but looks for a pullback in prices over the next year.

The bank said it is agnostic on gold in the short run but upgraded its full-year outlook to $1,220 an ounce because of a low environment for interest rates in the second quarter, policy risks associated with U.S. President Donald Trump, and rising geopolitical tensions.

Last month, Cit had listed a full-year outlook of $1,200. Citi economists are currently projecting two additional rate hikes in 2017 along with balance-sheet reduction beginning in December.

The bank said its base case currently puts a zero- to three-month price as high as $1,300 an ounce, but a six- to 12-month price at around $1,200.

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