Wall Street bank Citi lifted its 0‑3‑month price targets, now seeing gold at $5,000 an ounce and silver at $100 an ounce. Strategist Kenny Hu and his team cite rising geopolitical tension, persistent physical shortages and doubts about Federal Reserve independence as drivers of the bullish outlook. Over the past month gold has climbed 7% and silver surged 36%, while the rally has spilled into industrial metals such as aluminium and copper, which posted strong gains.

Citi warns that upcoming Critical Minerals Section 232 tariff decisions could trigger “binary” trade risks. In a high‑tariff scenario, tighter supplies might push prices sharply higher, then ease once clarity returns and inventories flow out of the United States. A sudden silver price collapse could spark a broader sell‑off across precious and base metals, but the bank views any dip as a buying opportunity within an overall bull market.

Beyond the first quarter, the firm expects easing geopolitical stress to lower hedging demand, leaving gold most exposed while industrial metals remain poised for continued strength.