JPMorgan Private Bank: Gold Still Faces Downside Risks, Will Bottom Out Only After Interest Rates Peak
智通财经2026/10/28 06:36Show original
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- The Head of Asia Rates and FX Strategy at JPMorgan Private Bank stated that after a recent round of sell-offs, gold still faces downside risks, market liquidity remains subdued, and there is room for interest rates to rise further.
- She said that only when interest rates peak will gold establish a solid bottom.
- The bank expects the Federal Reserve to raise interest rates in December and in the first quarter of 2027, pushing the yield on 10-year US Treasury bonds from the current level slightly above 5% to a peak of 5.25% to 5.5% by mid-year.
- Rising yields will weaken the investment appeal of the non-yielding asset gold.
- However, she believes that once the Federal Reserve ends its tightening cycle, gold is expected to rally sharply later next year, as long-term demand persists for its role as a hedge against economic and policy risks.
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