Striking gold forecast from JPMorgan! The figure for the peak under ounce was given

To keep the oil market balanced, the OPEC+ (Organization of Petroleum Exporting Countries) alliance will likely need to continue restricting production, according to JPMorgan.

According to Emre Ergül from Dünya, the second commodity product that JPMorgan drew attention to was natural gas.

In US gas markets, oversupply will likely limit upside risks to US gas prices in 2024, according to the bank.

Here are the thoughts of Shikha Chaturvedi, Head of Global Natural Gas and Natural Gas Liquids Strategy at JPMorgan:

“We believe there are two stories that will define the year. The first story is one of oversupply and low prices that will likely continue into the first half of 2024 and possibly the entire summer injection season. The second is the ability of gas demand to not only offset but outpace regional supply growth.”

A RECORD FIGURE WAS GIVEN UNDER AN OUNCE

It did not go unnoticed that JPMorgan’s report opened a special section for gold and silver.

In the section that began, “If we look at metals, it is estimated that gold and silver will overshadow the rest of the sector,” the following was stated:

“The Federal Reserve’s (Fed) interest rate cut cycle and falling US real yields are expected to raise gold prices to new nominal peaks in mid-2024 and reach an average level of 2,175 dollars/ounce in the fourth quarter. Likewise, silver prices will probably follow gold and hover around $30/ounce on average in the fourth quarter.”

Gregory Shearer, JPMorgan’s Head of Base and Precious Metals Strategy, also shared on the subject: “Among all metals, we have the highest confidence in the medium-term bullish forecast for both gold and silver throughout 2024 and the first half of 2025, but the timing of the entry is critical.” “It will continue to happen,” he said.

FORECAST FOR SUGAR PRICES

According to the bank, price risk in agricultural markets will cause current spot levels to shift upwards, especially in the first half of 2024.

The note made by the bank’s Agricultural Commodity Strategist Tracey Allen in the report is as follows:

“We estimate that sugar prices will average $0.30/lb in 2024. “We expect wheat prices to average $6.33 per bushel.”