JP Morgan Raises Long-Term Gold Price Forecast to $4,500

Gold Price Forecast Raised by JP Morgan to $4,500 an Ounce

JP Morgan has revised its long-term forecast for gold prices to $4,500 an ounce, while maintaining its year-end forecast for 2026 at $6,300 an ounce.

Gold prices have surged by 20% this year, reaching a three-week high of $5,248.89 an ounce on Tuesday. This follows a record peak of $5,594.82 on January 29, and a 64% increase in 2025. The bank remains bullish on gold prices through 2026, citing a continued structural diversification trend into the metal.

JP Morgan forecasts sufficient demand from central banks and investors to drive gold prices to $6,300 an ounce by the end of 2026. Geopolitical risks, interest rate easing, central bank buying, and flows into bullion-backed exchange-traded funds have contributed to multiple record highs for gold over the past year.

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Low interest rates have made non-yielding gold a more attractive investment proposition. In contrast, Bank of America notes that silver prices could pull back further in the near term, but sees a potential rise above $100 an ounce this year. Spot silver was trading at $90.70 per ounce on Wednesday, down from a record $121.64 touched in late January.