Well, well: This looks like a classic "risk-on" vs. "safe-haven" move! . JPMorgan’s outlook reflects a belief that the global manufacturing cycle is bottoming out, which traditionally favors Copper over Gold which is more of the "Fear" trade.
Whether it 8s time to rotate depends on individual outlook for interest rates and the broader economy. From $5626 levels, gold prices have pulled back approximately 11% from their recent all-time highs. Most analysts like JP Morgan & UBS maintain a bullish outlook for the remainder of 2026, suggesting gold could touch or exceed the $5,400 level again by year-end. Key catalysts for this would be monetary policy, central banks buying & the search for a safe haven!
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