JPMorgan said on Thursday that softer buying from key demand sectors and gold's renewed sensitivity to real yields could keep prices range-bound in the near term, though it expects a recovery in the second half of 2026, with prices averaging $4,300/oz in the third quarter and $4,500/oz in the fourth quarter.
The bank retained a long-term bullish view, saying gold could extend gains in 2027 as central bank purchases and physical demand strengthen amid enduring structural drivers of accumulation.