JPMorgan Lowers Q4 Gold Price Forecast to $4,500/oz

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On July 6, JPMorgan turned cautious on the short-term outlook for gold, lowering its forecast for the fourth quarter of 2026 by 25% to $4,500 per ounce, down from a previous target of approximately $6,000. The bank also expects the average gold price for the third quarter of this year to be $4,300. This adjustment is primarily influenced by weakened demand from key purchasing sectors for gold, coupled with gold prices being more sensitive to fluctuations in real interest rates, which suppresses short-term upside potential. The institution predicts that gold prices will remain in a range-bound fluctuation in the second half of the year, with a recovery expected only after improvements in the macroeconomic environment.
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