Citi calls time on gold’s rally

“Our work suggests that gold returns to about US$2,500 to US$2,700 an ounce by the second half of next year,” Citigroup analysts said in a report. — Bloomberg

NEW YORK: Gold is expected to sink back below US$3,000 an ounce in the coming quarters as a record-setting rally runs out of steam, according to Citigroup Inc, calling time on one of the standout rallies in commodities.

“Our work suggests that gold returns to about US$2,500 to US$2,700 an ounce by the second half of next year,” analysts including Max Layton said in a report.