JPMorgan Private Bank Strategist Yuxuan Tang Sees Downside Risk for Gold

Yuxuan Tang, JPMorgan Private Bank’s Asia rates and foreign-exchange strategy head, sees downside risk for gold as thin liquidity and the prospect of higher rates weigh on the market.

Tang expects the Federal Reserve to raise rates in December 2026 and the first quarter of 2027. Those increases could push the 10-year Treasury yield to a peak of 5.25% to 5.5% by mid-2027.

Although the gold market remains fragile, Tang sees its appeal as a hedge as a factor that may help gold prices rebound later in 2027.