Spot gold climbed more than 2% and recorded its first weekly gain since May, as markets dialed back expectations for additional Federal Reserve rate hikes. JPMorgan revised its gold price target upward, pointing to a combination of fading rate-hike risk, sustained central bank buying, and persistent safe-haven demand as the key drivers. The move signals that institutional conviction behind gold's rally is building, not just retail momentum.
Gold's rally, now backed by a formal JPMorgan target revision, suggests the trade has institutional legs beyond short-term speculation. If the Fed is truly done hiking, real yields — which move inversely to gold — are likely to drift lower, removing the main headwind for the metal. Investors holding gold ETFs like GLD or miners like GDX stand to benefit, while dollar-heavy portfolios may face modest pressure.
Next FOMC rate decision and statement. Next US CPI inflation report (watch for the next scheduled release, typically mid-month). Any Federal Reserve official speeches flagging a change in rate-hike posture.
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