JPMorgan Chase reduced its Q4 2026 gold price forecast by 25% to $4,500 per ounce. The bank also projects an average gold price of $4,300 for the third quarter.
Weakening demand and heightened sensitivity to interest rates drove the downward revision. This outlook makes JPMorgan more cautious than Goldman Sachs, UBS, and Morgan Stanley, who forecast year-end prices between $4,900 and $5,200.
Leveraged gold ETFs declined following the announcement. Despite the short-term cut, central bank buying and institutional hedging provide ongoing long-term support for the metal.