JPMorgan Private Bank: Gold Price Unlikely to Bottom Until Rate-Hike Cycle Ends, Almost No Support Below $4,000

JPMorgan Private Bank believes that before interest rates peak, the bottom for gold prices is difficult to confirm, with thin liquidity coupled with expectations of further rate hikes this year constituting the main downward pressure. Chinese consumers are increasing physical gold holdings, providing some support; however, Indian buyers are postponing festival purchases due to expectations of continued declines, significantly weakening demand-side support. For gold to regain upward momentum, multiple conditions would need to align: falling oil prices, cooling inflation, and a weaker dollar.