[JPMorgan Chase: Gold still faces more downside risks] On October 28, the head of Asia interest rates and foreign exchange strategy at JP Morgan Private Bank said in an interview that after the recent round of selling, gold still faces downside risks, market liquidity is thin, and interest rates still have room to rise. Gold will build a solid bottom when interest rates peak, she said. The bank expects the Federal Reserve to raise interest rates in December and the first quarter of 2027, pushing the 10-year U.S. Treasury yield from the current level of just over 5% to a peak of 5.25% to 5.5% in the middle of the year. Higher yields will reduce the investment appeal of gold, a non-interest-bearing asset. But she believes gold is poised to strengthen significantly later next year once the Fed ends its tightening cycle, given its long-standing demand as a hedge against economic and policy risks.