According to CoinMeta, the head of interest rates and foreign exchange strategy for JPMorgan Chase's private banking division in Asia stated in an interview that after a recent round of selling, gold still faces downward risks, market liquidity is weak, and there is still room for interest rates to rise. She pointed out that gold will only form a solid bottom when interest rates peak. The bank expects the Federal Reserve to raise interest rates in December and in the first quarter of 2027, driving the yield on 10-year U.S. Treasury bonds from the current level slightly above 5% to a peak of 5.25% to 5.5% by mid-year. Rising yields will diminish the investment attractiveness of interest-free assets like gold. However, she believes that once the Federal Reserve ends its tightening cycle, gold is expected to strengthen significantly later next year, as its demand as a hedge against economic and policy risks persists over the long term.