JP Morgan: Lowers Q4 Gold Price Forecast to $4,500/oz

BlockBeats news, on July 6, JP Morgan turned more conservative on the short-term outlook for gold, lowering its forecast for the fourth-quarter 2026 gold price by 25% to $4,500 per ounce. Previously, the bank had set a target price of approximately $6,000. Additionally, it expects the average gold price for the third quarter of this year to be $4,300 per ounce. This adjustment is mainly influenced by weakened demand in major gold purchasing sectors, coupled with gold's increased sensitivity to fluctuations in real interest rates, which has suppressed short-term upside potential. The institution predicts that gold prices will remain range-bound in the second half of the year, with a recovery trend likely only after improvements in the macroeconomic environment.