New York gold futures broke above the $4,700 per ounce mark on January 20, 2026, registering an intraday gain of 2.28%. Spot gold was quoted at $4,692.9 per ounce at the time.
In a recent report, Kenny Hu, a strategist at Citi Investment Research, stated that the firm maintains a tactically positive short-term outlook on precious metals. Hu noted that the primary drivers of this bull market remain intact, including geopolitical risks and concerns over the Federal Reserve's independence. Hu further added, "The persistent uncertainty stemming from further delayed tariff decisions may also temporarily prevent a large-scale return of US metal inventories to the rest of the world, thereby prolonging the current tightness in the global physical market." Citi has reaffirmed its price targets for gold and silver, set at no more than $5,000 per ounce and $100 per ounce respectively, for a period not exceeding three months.
