JPMorgan predicts average gold price to surpass $5,000 in 2026, with a long-term bullish outlook up to $6,000
Jinse Finance reported that JPMorgan analysts on Thursday maintained their bullish stance on gold, expecting the average gold price to reach $5,055 per ounce by the fourth quarter of 2026. The bank pointed out in its research report that this forecast is based on the premise that "quarterly investor demand and central bank gold purchases will average 566 tons in 2026." Natasha Kaneva, JPMorgan's Global Head of Commodities Strategy, stated, "Gold remains our highest conviction long position this year, and as the market enters the Federal Reserve's rate-cutting cycle, there is still room for gold prices to rise." Gregory Shearer, Head of Base and Precious Metals Strategy, added: "The Fed's rate-cutting cycle, combined with concerns about stagflation, worries about the Fed's independence, and currency depreciation risks, together form a favorable backdrop for gold." Analysts believe that the recent market consolidation is a healthy phenomenon. Kaneva said: "The pullback reflects the market digesting the rapid surge since August... It is normal to feel uneasy in the face of such a sharp rally; essentially, this is a supply-demand imbalance—buyers are flocking in while sellers are scarce." She reiterated the long-term target of $6,000 per ounce by 2028 and emphasized that gold trends should be viewed from a multi-year perspective.
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