Gold Retreats From Two-Week High as JPMorgan Eyes Q4 Rebound Toward $4,500

Gold prices retreated from a two-week high as a firmer US dollar pressured the metal, with spot gold down 0.58% at $4,141.26 an ounce. The dollar gained 0.3% heading into Tuesday, July 7, according to BeInCrypto, making gold pricier for overseas buyers; American Gold Exchange analyst Jim Wyckoff said a higher dollar index is a bearish daily factor. Losses were limited after data showed a marked slowdown in June job growth and downward revisions to prior payrolls, while the CME FedWatch Tool priced roughly a 56% chance of a September hike ahead of Wednesday’s Fed minutes. JPMorgan cut its Q4 gold forecast by about 25% this month after projecting $6,000 by year end on June 9, but still expects a Q4 rebound toward $4,500 and sees gains extending into 2027 as central banks keep buying.