Gold at $3,000 and oil at $100 by 2025? Citi analysts don't rule it out

Gold prices could soar to $3,000 per ounce, and oil to $100 per barrel within the next 12 to 18 months subject to any one of three possible catalysts, according to Citi.

Gold, which is currently trading at $2,016, could surge by about 50%, if central banks sharply ramp up purchases of the yellow metal, a possible stagflation, or in case of a deep global recession, Aakash Doshi, Citi's North America head of commodities research, told CNBC.

"The most likely wildcard path to $3,000/oz gold is a rapid acceleration of an existing but slow-moving trend: de-dollarization across Emerging Markets central banks that in turn leads to a crisis of confidence in the U.S. dollar," Citi analysts including Doshi wrote in a recent note.

That could double central bank's gold purchases, challenging jewelry consumption as the largest driver of gold demand, Doshi elaborated. 

Central banks' gold purchases have "accelerated to record levels" in recent years, as they seek to diversify reserves and reduce credit risk, Citi said. China and Russian central banks are leading gold purchases, with India, Turkey, and Brazil, also increasing bullion buying.

The world's central banks have sustained two successive years of more than 1,000 tons of net gold purchases, the World Gold Council reported in January.

"If that goes again [to] double very quickly to 2,000 tons, we think that would be actually very bullish for gold," Doshi told CNBC via phone.

Another trigger that could drive gold to $3,000 would be a "deep global recession" that could spur the U.S. Federal Reserves to cut rates rapidly.

"That means the brakes have been cut, not to 3%, but to 1% or lower - that will take us to $3,000," Doshi said, noting that this is a low probability scenario.

Gold prices