JP Morgan says gold is likely to remain rangebound in the near term as weaker
buying power in key demand areas and renewed sensitivity to real interest-rate
moves could cap upside. The bank stays bullish medium-to-long term, forecasting
H2 2026 recovery with Q3 average roughly $4,300/oz and Q4 around $4,500/oz; it
sees further 2027 upside driven by sustained central bank purchases, stronger
physical demand and ongoing structural allocation needs supporting gold’s
reserve and safe‑haven appeal.