JPMorgan Sees Gold Charging to Records in 2024 as Fed Cuts Rates
- Bank sees mild US recession and rate cuts in second quarter
- Has price target of $2,175 for final three months of next year
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JPMorgan Chase & Co. sees an opportunity in gold ahead of a likely US recession, predicting prices will push past $2,000 an ounce by year-end and hit fresh records in 2024 as interest rates start to fall.
Falling real yields in the US will be a “significant driver” for the precious metal when the Federal Reserve starts to deploy rate cuts, which should play out in the second quarter of next year, Greg Shearer, executive director of global commodities research, said in an online briefing on Wednesday.