Citibank has adjusted its short-term gold price target to $3,500 per ounce, reflecting increased market volatility and robust demand. This adjustment, announced on May 26, 2023 by BlockBeats News, indicates a growing reliance on gold as a safe-haven asset amid geopolitical uncertainties. The bank’s revised prediction suggests a potential 33% rally for gold prices within the year. This increase in demand is attributed to rising economic uncertainty, escalating tariffs, and increased investor interest in precious metals. As a result of this shift, the impact on cryptocurrency markets, where gold is increasingly viewed as a safe haven asset, remains significant. Gold price forecasts are driving market movements, with analysts predicting significant highs for gold prices in response to increased demand from key buyers such as Chinese insurers and emerging market central banks. The trend towards gold dependence highlights a broader phenomenon of increasing reliance on tangible assets amidst global economic uncertainties.