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Gold is JPMorgan's top pick in commodities with price eyeing $2,500
By Yvonne Yue Li and Tope Alake
Bloomberg News
Wednesday, March 13, 2024
Gold is the No. 1 pick in commodities markets for JPMorgan Chase & Co. and the price has the potential to reach $2,500 an ounce this year, according to the bank’s global head of commodities research.
"We believe that $2,500 is a possibility" after bullion reached an all-time high of $2,195.15 on Friday, Natasha Kaneva said during a Bloomberg TV interview. "Because the market tends to get overexcited."
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To achieve that price target, "we need a confirmation from continued moderation in the inflation and in the jobs numbers as well and the confirmations that the Fed indeed is cutting," said Kaneva. ...
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