JPMorgan: Gold Faces Downside Risks, Interest Rates Still Have Room to Rise

Yuxuan Tang, head of Asia rates and foreign exchange strategy at JPMorgan Private Bank, stated that gold faces downside risks due to thin liquidity and the potential for rising interest rates. The Federal Reserve is expected to raise rates in December and in the first quarter of 2027, pushing the 10-year U.S. Treasury yield to peak between 5.25% and 5.5% by mid-year. Despite the weakness in the gold market, its appeal as a hedge may drive a rebound in gold prices later next year.

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