Gold unlikely to hit $6,000/ounce this year; new target at $4,500: Report

JPMorgan has lowered its gold price target to $4,300/ounce for the third quarter and $4,500/ounce for the fourth quarter of this year. The bank recently said it expected gold to rise to $6,000/ounce by year-end, implying around 40% upside from current levels. It cited weaker-than-expected demand from key sectors and possibility of interest rate hikes as reasons for the downgrade.