FXStreet reports that the Citibank Analysts have downgraded their gold-price forecasts for 2021 alongside their estimate for flows in gold ETFs, in the face of economic improvement in the developed economies.

“Net investment into gold ETFs to hit 800 tons in 2020, 75 tons less than previously forecast and 50% lower again in 2021.”

“Sees support for gold in short term at $1,700.”

“See a move above $2,000 likely in next 3-6 months but barring a fiat crisis, prices may then trend lower.”