Speakers:   Natasha Kaneva, Head of Global Commodities Research Gregory Shearer, Head of Base and Precious Metals Research   Gold prices have shot to new highs this week largely catching the market by surprise given relatively minor moves in rates and FX.  The sharp rally demonstrates the immense power of flow in gold and previews why we remain structurally bullish the metal over the next year. Yet, for us to ultimately reach our upside price targets we need to unlock more than just the systematic momentum inflows we likely saw this week. This will require continued moderation in inflation and US jobs data in the coming months to solidify Fed cut expectations and ultimately trigger the next leg of inflows from discretionary funds and ETF holders necessary to push prices up towards our $2,300/oz ultimate target.   This podcast was recorded on March 8, 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4644713-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.