JPMorgan lowers gold price forecast, points to demand side

JPMorgan revised down its year-end gold price expectations. The bank noted that weak demand could weigh on prices.

Scraper SystemJuly 06, 2026, 11:19 AM

JPMorgan lowers gold price forecast, points to demand side

Gold prices have started to rise again, driven by expectations of interest rate cuts and central bank purchases. However, the world-renowned bank JPMorgan has lowered its forecast for gold, contrary to its previously announced bullish expectations. DEMAND MAY DECLINE Gold gained more than 2% last week, while JPMorgan made a more pessimistic forecast for the coming period.

In its assessment on June 9, the bank had forecast that gold would continue to rise through year-end. The bank expects gold to reach $4,300 per ounce in the third quarter and $4,500 in the fourth quarter. This forecast presents a more cautious outlook compared to previous market expectations. The institution pointed to the demand side as the main reason for the update.

According to JPMorgan, demand from key sectors that support gold purchases will be weaker than expected. IN ITS PREVIOUS FORECAST, $6,300 WAS EXPECTED The bank's earlier forecast had gold reaching $6,300 by the end of 2026. The reasons cited were expectations of heavy central bank buying, geopolitical risks, and increased safe-haven demand.