Bank lowers year-end gold target to $4,500/oz from $6K, citing weaker-than-expected demand from key sectors.
JPMorgan reduced its gold price forecasts for the remainder of the year, projecting a peak of $4,500 per ounce in Q4 instead of the previously expected $6K. The bank attributed the revision to weaker demand from critical sectors, which will limit near-term gains.
Earlier estimates had anticipated stronger momentum, but recent data suggests demand will fall short of expectations. The new forecast reflects a more cautious outlook, with Q3 prices now seen at $4,300/oz.
No immediate market reaction was reported following the revised projections.