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JPMorgan Private Bank believes that before interest rates reach their peak, it will be difficult to confirm a bottom for gold prices. Thin liquidity coupled with expectations of further rate hikes this year present significant downward pressure. Chinese consumers are increasing their physical gold holdings, providing some support; however, Indian buyers are delaying festival purchases due to expectations that the price decline has not yet ended, substantially weakening demand-side support. For gold prices to regain upward momentum, multiple conditions need to coincide, including a drop in oil prices, cooling inflation, and a weaker US dollar.