Analysts at Citigroup, in its latest note to clients, upped the forecasts for gold prices for this year, citing rising inflationary pressures and weaker US dollar among other key factors behind the upward revision.

Key Points:

2018 gold forecast raised by 7% to $1,355/oz; while noting that their 6-12 months price target is $1,385, with risks skewed to the upside.

"Higher inflation, solid hedging demand, softer dollar, and improving consumption in China provide a supportive environment for prices".

Copper to reach $7,500/ton in 3 months' time, and zinc to reach $4,000/ton in the same time frame.