Woofun AI reports that JPMorgan Chase has revised its short-term gold outlook downward, lowering the fourth-quarter 2026 price forecast by 25% to $4,500 per ounce from a previous target of approximately $6,000. The bank also projects the third-quarter average price to reach $4,300.

This adjustment reflects weakening demand from major purchasing sectors and increased sensitivity to real interest rate fluctuations, which limit near-term upside potential. JPMorgan anticipates gold prices will remain range-bound in the second half of the year until macroeconomic conditions improve.