Citi analysts predict a significant shift in gold ETF flows as the key driver for higher gold prices in 2025. After years of outflows, they expect a reversal, with gold ETFs contributing a net demand of 275 tonnes by 2025, compared to net selling of 250 tonnes in 2023. This change, along with factors like potential Fed rate cuts and increased recession risks, could drive gold prices to $3,000 per ounce by mid-2025. The projected increase in ETF demand share of gold mine supply from 1% in 2024 to 7-7.5% by 2025 signals a substantial change in market dynamics, potentially leading to a new gold bull market.