J.P. Morgan predicts that the average gold price will exceed $5000 in 2026, with a long-term bullish outlook to $6000.

Jin10 Data, October 23 - JPMorgan analysts maintained a bullish stance on gold on Thursday, predicting that the average gold price will reach $5055/ounce by the fourth quarter of 2026. The report pointed out that this prediction is based on the premise that “the average quarterly investor demand and Central Bank gold purchases will remain at 566 tons in 2026.” Natasha Kaneva, global head of commodity strategy at JPMorgan, stated, “Gold remains our highest conviction long positions this year, and there is still upward space for gold prices as the market enters the Fed's rate cut cycle.” Gregory Shearer, head of base and precious metals strategy, added, “The Fed's rate cut cycle, combined with concerns about stagflation, worries about the independence of the Fed, and risks of currency depreciation, together create a favourable backdrop for gold.” Analysts believe that the recent market consolidation is a healthy phenomenon, with Kaneva stating, “The pullback reflects that the market is digesting the rapid rise since August… It is normal to feel anxious in the face of such a rapid rise, which is essentially a supply-demand imbalance - buyers are plentiful while sellers are scarce.” She reiterated the long-term target of $6000/ounce by 2028, emphasizing that gold trends should be viewed from a multi-year perspective.