New York, 3 July 2026 – JPMorgan expects weaker demand from key sectors to limit gold’s near-term upside, even as the precious metal remains supported by expectations of a later rebound in 2026 and into 2027.
The bank now sees gold prices rising to US$4,300 per ounce in the third quarter and US$4,500 per ounce in the fourth quarter, reflecting a more measured outlook after earlier expectations for a stronger year-end rally. It also warned that risks to the forecast remain tilted to the downside, particularly if United States economic data prompts a shift in Federal Reserve rate expectations.
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