JPMorgan has revised its gold price forecast, now expecting $4,300 per ounce in the third quarter and $4,500 in the fourth quarter, a more cautious path than its earlier outlook. The bank cited weaker-than-expected demand from key buying sectors and warned that risks skew to the downside if hot U.S. data revives the possibility of Federal Reserve rate hikes. The shift comes as the Fed held rates at 3.50% to 3.75% in June, but nine of 19 policymakers now see a hike this year, up from zero in March. JPMorgan still sees long-term support from central-bank buying and physical demand into 2027, but its near-term message signals that one of Wall Street’s more aggressive year-end road maps has been pulled back.
JPMorgan Chase & CoJPMorgan's gold price forecast revision is an analyst call, but the bank itself is not directly impacted; the news reflects its research view.