- BIST10011,681-0.99%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,137.00-0.14%
- INTEREST37.00%-1.00
- BITCOIN83,225+0.34%
- October 21, 20269°
- BIST10011,681-0.99%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,137.00-0.14%
- INTEREST37.00%-1.00
- BITCOIN83,225+0.34%
- October 21, 20269°
JPMorgan lowers gold forecast and points to demand risk for US markets
JPMorgan Chase revised its year-end gold price forecasts, anticipating lower levels. The bank noted that expected weakness on the demand side could put pressure on prices.
The upward trend in gold markets continues amid interest rate cut expectations and central bank purchases. However, leading US financial institution JPMorgan Chase lowered its gold price forecasts, presenting a more pessimistic outlook.
In its assessment on June 9, JPMorgan expected gold to continue rising through the end of the year. According to the bank's latest forecast, gold is expected to reach $4,300 per ounce in the third quarter and $4,500 in the fourth quarter. These figures indicate a more cautious level compared to previous market expectations.
The main reason for the revision is concerns on the demand side. According to JPMorgan, demand from key sectors supporting gold purchases will be weaker than expected. The bank's previous forecast expected gold to reach $6,300 by the end of 2026. Factors such as heavy central bank purchases, geopolitical risks, and increased safe-haven demand were cited as support for that outlook.
Gold prices gained more than 2% last week. This update from JPMorgan highlights potential risks for gold demand in US and global markets in the coming period.
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