Citigroup Cuts 3-Month Gold Price Target to $4,000/Oz From $4,300/Oz

Citigroup cut its 3-month gold price target to $4,000/oz from $4,300/oz, while keeping its 6–12-month target at $5,000/oz. According to BeInCrypto, positioning data showed traders were already leaning bearish ahead of the note, with “smart money” and whales net short gold perps on Hyperliquid by nearly $18.8 million combined. The report also cited a more bearish tilt in SPDR Gold (GLD) options and a June 2 CFTC Commitments of Traders update showing falling open interest and commercial hedgers heavily net short.