The price of gold will hit $3,000 a troy ounce in the next six to 18 months, according Citigroup analysts.
Gold's recent run has been remarkable, overcoming the headwinds of rising interest rates and a strengthening U.S. dollar.
It has also continued despite a notable lack of buying in visible financial and physical markets, leading several Wall Street analysts to speculate about a "mystery buyer."
Gold's rally has been boosted by geopolitical risk, imports into China and India and what appears to be flight from traditional government-backed currencies such as the U.S. dollar, said Citi's analysts.
A roughly 20%-25% growth in global debt to $315 trillion has, they wrote, sparked demand for gold from retail buyers, family offices and ultra-high-net-worth investors.
