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Analysts at Citigroup enlist key primary drivers behind the gold-price rally while projecting higher targets in the short-term.

Key quotes

“Key drivers include the record pace of ETF investor inflows, a weakening US$ and negative real yields. 

Citi predicts a short-term target at ~$2,100/oz.

Breaching $2,300/oz over the six-twelve months seems plausible.

The contraction in global jewelry demand for 2020 persists and still appears worse than the GFC. This may put downside risks on gold.

Russia (CBR) has paused fresh purchases as of April. 

The PBOC has not increased gold holdings since last September/October, either. 

Total net buying of EM CBs should slow dramatically in 2020.”