Global investment bank JPMorgan remains optimistic about gold prices, projecting a significant rise in the fourth quarter of 2024 due to anticipated Federal Reserve rate cuts beginning in September. On Tuesday, the price of gold surged past its all-time high, bolstered by the Federal Reserve’s actions and the influence of former U.S. President Donald Trump. As of 2 p.m. ET, gold prices had risen by 1.77%, reaching over $2,465 per ounce, surpassing the previous peak of $2,450 per ounce set in May. The metal has seen a 6% increase this month. “Our analysts remain bullish on gold prices into year-end, seeing prices rising towards $2,500/oz in 4Q24 as the onset of a Fed cutting cycle restokes western investor demand via both futures and ETF holdings, driving the next leg higher in prices,” JPMorgan’s analysts noted.

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