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JPMorgan Sees Weaker Demand Capping Gold Gains Before Late-2026 Rebound

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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Author

  • Tim Clark is a Senior Geopolitical Analyst for The Ledger Asia, specializing in the intersection of international relations and market stability. With over a decade of experience, Tim provides deep-dive insights into Indo-Pacific security, global supply chain resilience, and the strategic competition between major powers.

    Previously a consultant for leading international think tanks, he focuses on how shifting diplomatic landscapes and maritime disputes impact corporate governance and trade policy. At The Ledger Asia, Tim’s analysis equips readers with the clarity needed to navigate the complex regulatory and economic environments of Southeast Asia and beyond.

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