Citigroup: Raises three-month gold price forecast to $2,800

Citi Research raised its three-month forecast for gold prices, citing the possibility of further deterioration in the U.S. job market, the Federal Reserve's rate cuts, and physical and ETF buying. The bank raised its three-month forecast for gold prices to $2,800 from $2,700 previously, adding that its 6-12 month forecast is $3,000. In addition, Citi raised its 6-12 month forecast for silver prices from $38 to $40. (Jinshi)