Citi upped the short-term gold target to $4,800 and JP Morgan up to $5,000

Citi raised its short-term gold price target to $4,800, while JP Morgan projected a gold price of $5,000. The two large Wall Street agencies agreed that, despite the significant increase in gold prices this year, the market was pleased to increase its gold exposure. JP Morgan stated that core personal consumption expenditure (PCE) data and Jackson Hall meetings would be key elements of the week and that strong inflation data could trigger a 200-day moving average of gold prices. On the contrary, if the data are colder and the market is not convincing about Jackson Hall, gold could be close to $5,000 in a few days。