Gold Price to Hit Record $2,200 Before 2020 Ends?

In its latest quarterly-commodities outlook report, Citigroup said gold prices could hit a record $2,200 per ounce in the near term (0 to 3 months) and $2,400 per ounce over the next 6 to 12 months. Citi lifted its erstwhile 2021 estimated "base case gold price" projection by roughly $300 per ounce to $2,275 per ounce. Gold prices took off this year as investors flocked to the safe-haven asset amid fears of the impact of the coronavirus disease (COVID-19) pandemic on the global economy.