Gold could have room for further upside as tensions in the Middle East mount, according to JPMorgan.
Spot gold has been on a tear in 2024 with a gain of more than 14%.
Prices hit an all-time high of $2,448.80 per ounce intraday on Friday as investors braced for a further escalation in the Middle East.
@GC.1 YTD mountain Gold hit a fresh all-time high on Friday, but JPMorgan thinks bullion has more room to run.
"Given positioning and recent price action, mean reversion risk in gold still remains elevated in the near-term though geopolitics remain a bullish-skewed wildcard amid risks of an escalating retaliation cycle between Israel and Iran," Shearer said.
Persons:
Gregory C, Shearer, " Shearer, Michael Bloom
Organizations:
JPMorgan, Investors, Federal Reserve
Locations:
Iran, Israel, Damascus, Syria, @GC