Layton said, “In our base case, gold prices are expected to reach $3,200 per ounce over the next couple of months, and then potentially up as high as $3,500 an ounce, if we are in more of a concerning US growth environment than what we have in our base case.”
Gold prices have reached all-time highs six times this year amid concerns over tariffs, bolstering its appeal as a safe-haven asset.
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Copper prices are near record highs as the U.S. considers tariffs on metal imports.
Crude oil prices have climbed to a three-week high following the U.S. threat of 25% tariffs on countries purchasing oil from Venezuela.
On April 2, the U.S. is set to announce broad reciprocal tariffs on all its trading partners. Tariffs of 25% on aluminium and steel imports, imposed on March 12, have already prompted countermeasures from Canada, the European Union, and China.
Citi has raised its copper price forecast to $10,000 per tonne, citing tightening physical market conditions. Layton noted that this trend is visible across both precious metals and copper, particularly in commodities traded on the CME with strong liquidity outside the U.S.
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Layton also pointed to a shift of metal into the U.S., which has contributed to supply constraints, a trend expected to continue in the coming months. While copper prices have the potential to rise further, Citi has maintained a conservative forecast, considering the anticipated tariffs set to take effect on April 2.
Citi expects Brent crude oil prices to range between $65 and $75 per barrel in the medium term, driven by anticipated supply adjustments from OPEC+.
The bank said that OPEC+ is likely to gradually return barrels to the market over the next one to two years. As this supply re-enters, Citi expects oil prices to stabilise within the projected range.
For full interview, watch accompanying video