Xiaomo forecasts that the average gold price will break through $5,000 in 2026, and the long-term bullish price will reach $6,000

Analysts at JPMorgan Chase maintained their bullish stance on gold on Thursday, predicting an average price of $5,055 an ounce by the fourth quarter of 2026. The bank said in a research note that the forecast is based on the premise that "the average size of investor demand and central bank gold purchases in the quarter of 2026 remains at 566 tons". Natasha Kaneva, head of global commodity strategy at JPMorgan, said that "gold remains our most confident long allocation this year, and as the market enters the Fed rate cut cycle, there is still room for gold prices to rise". Gregory Shearer, head of fundamental and precious metals strategy, added: "The Fed rate cut cycle is combined with stagflation concerns, concerns about the independence of the Federal Reserve, and the risk of currency depreciation, which together form a positive background for gold." Analysts see the recent consolidation as a healthy sign, with Kaneva saying: "The correction reflects that the market is digesting the sharp rally since August... It is normal to be alarmed by such a sharp rally, which is essentially a supply-demand imbalance - buyers are crowded and sellers are scarce." She reiterated her long-term target of $6,000 an ounce in 2028, stressing that gold should be viewed from a multi-year perspective.