Spot gold traded near $4,500 an ounce on Thursday, close to a two-month high, after gaining more than 4% on Wednesday. JPMorgan set its Q4 2026 target at $4,500 per ounce, a downward revision from its initial projection of $6,000 and a trimmed full-year average estimate of $5,243. Several factors are supporting the rally: the U.S. Treasury doubled the size of its long-bond buybacks, the dollar hit a three-month low, and fiscal concerns deepened as federal debt surpassed $40 trillion. Central bank purchases jumped 62% last quarter, with China extending its buying streak to 21 consecutive months, while Goldman Sachs lowered its year-end target to $4,900. The Treasury recorded $628 billion in net interest payments over the first seven months of the fiscal year, exceeding Medicare spending for the same period.
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