According to BlockBeats, on July 4th, JPMorgan Chase stated that gold prices may be limited in the short term due to weakening demand, and will likely remain range-bound overall. The main reasons are weakening purchasing power in key demand sectors and gold's renewed sensitivity to changes in real interest rates, which could limit further price increases.

However, the bank remains bullish on the medium to long term. It expects gold to gradually recover in the second half of 2026, with an average price of approximately $4,300 per ounce in the third quarter and rising to approximately $4,500 per ounce in the fourth quarter.

Looking ahead to 2027, JPMorgan Chase believes gold prices are poised for continued gains, driven primarily by factors including continued central bank gold purchases, stronger physical demand, and persistent long-term structural allocation needs. These factors will underpin gold's long-term appeal as a safe-haven and reserve asset.