JP Morgan says gold is likely to remain rangebound in the near term as weaker buying power in key demand areas and renewed sensitivity to real interest-rate moves could cap upside. The bank stays bullish medium-to-long term, forecasting H2 2026 recovery with Q3 average roughly $4,300/oz and Q4 around $4,500/oz; it sees further 2027 upside driven by sustained central bank purchases, stronger physical demand and ongoing structural allocation needs supporting gold’s reserve and safe‑haven appeal.