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JPMorgan sees $4,500 gold price in fourth quarter, says risks to downside
JPMorgan said demand for gold from key sectors would not be as strong as it had expected, limiting the rise in gold prices this year to $4 300/oz in the third quarter and $4 500/oz in the fourth quarter. The bank said the risks to its forecast skew to the downside, given possible early interest rate hikes by the U.S. Federal Reserve if data were to come in hot over the balance of the summer. As recently as June 9, JPMorgan had said it expected gold prices to rise to $6,000 by year end. On Friday, spot gold was up 1.3% at $4 174.21 per ounce at 1241 GMT, after hitting its highest since June 23. Bullion was up over 2% ... (full story)
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