Gold prices head for fifth day of gains in six; JPMorgan sees more upside

Investing02-26

Gold prices rebounded from the previous session’s losses on Wednesday, with investors assessing the impact of newly imposed U.S. tariffs and eyeing U.S.-Iran talks later this week.At 14:30 ET (19:30 ...

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JPMorgan sees more upside</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; 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If the signal confirms, it would support near-term upside continuation with only minor resistance at the all-time high (~$5,586/oz.). However, there are intermediate-term signs of exhaustion that suggest the bounce will give way to more consolidation. Support is at gold’s 50-day MA,\" Fairlead Strategies observed.Traders weigh impact of fresh U.S. tariffsThe U.S. began collecting a temporary 10% global import tariff on Tuesday, with the Trump administration working to increase the levy to 15%, a move that has stoked uncertainty over global trade and inflation.The tariff action followed a U.S. Supreme Court ruling last week that struck down earlier sweeping duties imposed under emergency powers, prompting Washington to reintroduce tariffs under alternative legal authority.Geopolitical tensions also remained in focus, with the U.S. and Iran due to hold a third round of talks on Thursday in Geneva over Tehran’s nuclear programme.A slightly weaker U.S. dollar also provided support, making dollar-priced metals less expensive for overseas buyers.However, gains in gold were capped by expectations that U.S. interest rates will remain elevated.Two Federal Reserve officials on Tuesday signalled little appetite to change the central bank’s policy stance in the near term, reinforcing a higher-for-longer rate outlook that typically weighs on non-yielding assets such as gold.Gold could hit $6,300/oz this year - JPMorganJPMorgan sees demand from central banks and investors this year ultimately pushing gold prices to $6,300 an ounce by end-2026, JPMorgan said in a note on Wednesday.The investment bank also raised its long-term price forecast for the gold to $4,500/oz.Silver, platinum rally; copper sees demand recovery In other precious metals, silver prices jumped 4.5% to $91.07 per ounce, while platinum surged 6.7% to $2,333.40/oz.Benchmark Copper Futures on the London Metal Exchange settled 2.3% higher at $13,166.50 a ton and U.S.Copper Futures rose 1.4% to $6.0725 a pound.\"Copper traded above $13,300 this morning as the market responds to the prospect of lower United States import tariffs and renewed Chinese restocking interest after the holiday. Broader base metals are following, with aluminum nudging higher alongside copper while tin remains sharply elevated amid ongoing uncertainty over Indonesian export flows,\" Neil Welsh, head of metals at Britannia Global Markets, said.\"The tone in copper seems to have turned more constructive. Physical flows and dip buying are underpinning prices even as exchange inventories in China showed a notable build over the holiday period, reflecting both pre contract deliveries and a larger than usual seasonal stockpile,\" he added.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.47.1","shortVersion":"4.47.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1171373984","isCrawlerRequest":true}