JPMorgan: Lowers Q4 Gold Price Forecast to $4,500 per Ounce

Golden Finance reported that on July 6, JPMorgan turned conservative on the short-term gold price outlook, lowering its gold price forecast for the fourth quarter of 2026 by 25% to $4,500 per ounce, compared to its 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 mainly due to weakening demand from major gold purchasing sectors, coupled with gold prices becoming more sensitive to fluctuations in real interest rates, limiting short-term upside potential. The institution believes that gold prices will remain range-bound in the second half of the year and will only see a recovery rally after the macro environment improves.
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