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Reuters

JPMorgan cuts Q4 2024 gold target to $4,500 an ounce, warns risks skew lower

AI Market Summary
JPMorgan cut its 2024 gold targets sharply and flagged downside risks, citing weaker-than-expected sector demand and the possibility of earlier Fed rate hikes if U.S. data stay hot. The shift reduces near-term upside expectations for non-yielding bullion despite recent spot strength and also pressures the broader precious-metals complex, with lower short-term outlooks for silver, platinum and palladium.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.75%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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JPMorgan cut its gold price target for the fourth quarter of 2024 to $4,500 per ounce, down sharply from its June call of $6,000, and said risks are tilted to the downside. The bank cited weaker-than-expected demand from key sectors and the possibility the U.S. Federal Reserve could hike rates earlier if data stay strong. Spot gold was last at $4,174.21 an ounce. JPMorgan also lowered near-term forecasts for silver, platinum and palladium, while keeping a long-term bullish view on gold.
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