Gold could slump another 20% by September, says Citi — here's why

Gold prices have fallen sharply since striking an all-time high of $5,594.82 an ounce on January 29, but analysts at Citi suggest the precious metal could have even further to fall. Citi analysts said in a note published on Monday that the price of gold could sink as low as $3,500/oz if the Strait of Hormuz remains closed until the end of the summer — a decline of around 19.7% from the $4357.90/oz seen at 7 a.m. ET on Tuesday. …