J.P. Morgan predicts that the price of gold in the fourth quarter will reach $4,500 and notes the existence of downside risks.

JPMorgan Chase said that the demand for gold in major industries will not be as strong as expected, which will limit the increase in gold prices this year. It is expected that the price of gold will rise to $4,300 per ounce in the third quarter and $4,500 per ounce in the fourth quarter. The bank stated that if the economic data for the remaining summer months show strong performance, the Federal Reserve may raise interest rates earlier, with a downside risk to their forecast. On June 9, JPMorgan Chase also stated that they expected gold prices to rise to $6,000 by the end of the year. The bank maintains a long-term bullish view, stating that with the continued strengthening of central bank gold purchases and physical demand under structural accumulation drivers, gold prices may continue to rise in 2027. The bank also predicts that as the market moves away from last year's tight physical supply situation and the gold-silver ratio normalizes, silver prices will average between $60 and $65 per ounce within their forecast period.