Citi expects the price of gold to consolidate around $3,100 to $3,500 per ounce in the third quarter, as prices moderate due to geopolitical de-escalation in the Middle East and an improved global growth outlook, the bank said in a note on Monday. "We expect continued price consolidation ... and highlight our view that we may have already seen the highs at $3,500/oz in late April as the gold market deficit is peaking soon if not already," Citi said in the note. It added that gold prices have dropped by over $100 per ounce since the bank lowered its 0-3 month price target from $3,500 per ounce to $3,300 per ounce in ... (full story)