JPMorgan has reiterated its bullish stance on gold, forecasting prices to average US$5,055 per ounce by Q4 2026 and reaching as high as US$6,000 by 2028.
The call underscores growing institutional confidence in gold’s multi-year uptrend amid shifting global monetary dynamics.
The forecast is based on expectations that investor demand and central-bank purchases will average around 566 tonnes per quarter in 2026, a robust continuation of the buying trend that has defined recent years.
“Gold remains our highest-conviction long for the year, and we see further upside as the market enters a Fed rate-cutting cycle,” said Natasha Kaneva, Head of Global Commodities Strategy at JPMorgan.
The bank highlights the perfect storm forming in gold’s favour, a mix of rate cuts, stagflation anxiety, questions around Fed independence, and currency debasement hedging, all themes that have historically driven strong precious metal performance.
“Foreign holders of U.S. assets are gradually diversifying a portion of their reserves into gold,” added Gregory Shearer, Head of Base & Precious Metals Strategy.
He stressed that the current rally is “not about de-dollarisation, but rather a measured diversification story.”
Analysts noted the recent pullback in prices as a healthy consolidation following gold’s rapid climb since August.
“It’s normal if you’re paralysed with fear because the price moved so fast,” Kaneva remarked. “You have a lot of buyers and no sellers, it’s a clean story.”
Spot gold hit a new record of US$4,381.21 per ounce on Monday, extending its year-to-date gain to nearly 57%, putting 2025 on track to become gold’s best year since 1979.
For investors holding tokenised gold through the Gold Standard (AUS) or silver via the Silver Standard (AGS), JPMorgan’s outlook reinforces the long-term case for precious metals as tangible, inflation-resistant stores of value in an increasingly volatile macro environment.
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