JPMorgan Private Bank Asia strategist sees near-term downside risk for gold

The significance here is less the bearish call than the mechanism behind it: a private-bank strategist tying gold's near-term vulnerability to thin liquidity and further rate hikes, with a floor only once rates peak. That framing matters for gold holders and macro traders who have been treating the recent selloff as a bottoming signal, since it implies the pressure is structural rather than sentiment-driven. The open question is whether the projected Treasury yield path toward 5.25%-5.5% actually materializes; if it does, the "solid floor" thesis gets pushed further out.