Global Commodities: Gold is back to Fed-watching

While oil continues to be a key story for commodities markets, gold has been gathering more attention lately. The initial optimism after the signing of the Memorandum of Understanding ran into a hawkish FOMC, severing the connection between energy prices and rates and leading us to reassess the key demand channels for the metal. In this episode, we discuss our updated expectations for gold’s recovery.   Speaker:  Greg Shearer, Head of Base and Precious Metals Strategy     Add disclosures when there is a related report (add date and GPS ID for the report)   This podcast was recorded on July 2, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5352313-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.