Citigroup and other investment banks are shouting from the rooftops: Could gold rise to $3,000 after hitting a new high?

Gold prices hit a historic high, with analysts remaining optimistic. Citigroup analysts predict that the price of gold has a 25% chance of reaching a record $2,300 per ounce, and reiterated their forecast of $3,000 in the next 12 to 16 months. Gold is seen as a "hedge tool against recession" in developed markets, and the uncertainty of the US election in November also brings positive news. The price of gold continued to rise on Tuesday, but the actual price is far below its peak in the past. Analysts at Berenberg Bank pointed out that a Trump victory would be a "significant positive" for gold, and stocks linked to gold would trend upwards. The rise in gold prices is related to expectations of a rate cut by the Federal Reserve in June.