JPMorgan lowered its 2026 average gold price forecast to $5,243 per ounce. This adjustment marks a decrease from the bank's previous estimate of $5,708.
Analysts attribute the revision to a decline in investor interest and weaker short-term demand. Trading indicators show stagnation, including low open interest in COMEX gold futures and limited ETF inflows.
Rising oil prices have intensified this trend by fueling inflation concerns. These factors support expectations that the Federal Reserve will maintain high interest rates.