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Analysts at Citibank forecast gold at $2,100/oz in 0-3 months and at $2,300 in a period of six to twelve months. They point out the record pace of ETF investor inflows (aweakening the dollar) and negative real yields are the primary drivers for gold’s rally. 

Key Quotes:

“We lift gold short-term targets to ~$2,100/oz. 6-12m targets breaching $2,300/oz seems plausible. The record pace of ETF investor inflows, a weakening US$ and negative real yields are the primary drivers for the push higher.”

“Gold/USD has been closer to home a break to a new highs would suggest an extended move initially towards $2,400 (the top of the upward trend line).”