JP Morgan Bearish on Gold, China 'Disappears' from Buying Physical Gold

April 9, 2021 9:11 AM EDT

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JP Morgan's Commodity Trading Desk is bearish on gold and thinks the run, which was initiated by a pullback in yields, is "nearing its end."

"The desk has seen some HF length unwinds this week and physical demand has really scaled back on the spot rally," the report states.

Further, the desk said China, which had been a strong source of physical buying in late March, has all but disappeared over the past couple of days.

While Indian demand remains OK, trading also expects that to taper.

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