JPMorgan Chase: Lowering Q4 gold price forecast to US$4500 per ounce

On July 6, JPMorgan turned conservative about the short-term trend of gold and lowered its gold price forecast for the fourth quarter of 2026 by 25% to US$4500 per ounce. The bank had previously given a target price of approximately US$6000, and it was expected that the average price of gold in the third quarter of this year was US$4300. This adjustment is mainly affected by weakening demand from the main gold purchasing sectors. Coupled with the fact that the gold price is more sensitive to fluctuations in real interest rates, the short-term upside is suppressed. The agency judges that the gold price will remain in range fluctuations in the second half of the year and will only wait until the macro environment improves. Repair the market.