Gold prices are down in early U.S. trading Monday, on routine profit-taking after recent good price advances. Gold is trading at $2,372.84, down $19.32. Silver is trading at $31.11, down 11 cents. Citi’s recent report predicts a significant shift in U.S. monetary policy, forecasting eight interest rate cuts totaling 2 percentage points, starting in September 2024. The bank bases this prediction on signs of economic slowdown and the need to manage inflation. Citi expects these cuts to stimulate economic activity, impact financial markets positively, and influence consumer behavior. The report suggests that assets like bonds, base metals, and precious metals may benefit more than stocks in the short term due to current market conditions.
