JP Morgan updated forecasts for gold

JP Morgan* has updated its forecasts for gold. Here are the main points from the bank's note:

  • we forecast gold prices to rise above $4,000 per ounce by 2026
  • average $3.675 per ounce by 4Q25
  • risks are skewed towards exceeding these forecasts earlier if demand exceeds expectations
  • “Our forecast that gold prices will rise to $4,000 an ounce next year is driven by continued strong demand for gold from investors and central banks, averaging around 710 tonnes per quarter this year.”
  • an unexpected drop in demand from central banks remains the biggest fundamental risk

*JPMorgan Chase is an American transnational financial conglomerate, one of the largest banks in the world. The control center is located in New York, Manhattan.

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