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2025-10-23 22:41:02
JPMorgan Chase predicts the average gold price will exceed $5,000 in 2026, with a long-term outlook of $6,000. JPMorgan analysts maintained their bullish stance on gold on Thursday, predicting that the price will average $5,055 per ounce by the fourth quarter of 2026. The bank's research note stated that this forecast assumes that quarterly investor demand and central bank gold purchases will average 566 tons in 2026. Natasha Kaneva, JPMorgan's head of global commodities strategy, stated, "Gold remains our most confident long position this year, and as the market enters a Fed rate-cutting cycle, gold prices have room to rise." Gregory Shearer, head of base and precious metals strategy, added: "The Fed's rate-cutting cycle, coupled with stagflation concerns, worries about the Fed's independence and the risk of currency devaluation, together create a favorable backdrop for gold." Analysts believe that the recent market consolidation is a healthy phenomenon. Kaneva said: "The pullback reflects that the market is digesting the rapid rise since August... It is normal to feel panic in the face of such a rapid rise. This is essentially an imbalance between supply and demand - buyers are gathering and sellers are scarce." She reiterated her long-term target of $6,000 per ounce in 2028, emphasizing that the gold trend should be examined from a multi-year perspective.
