JP Morgan forecasts that the average gold price will exceed $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, expecting prices to average $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 of investor demand and central bank gold purchases in the quarter of 2026 remains at 566 tons". Natasha Kaneva, head of global commodities strategy at JPMorgan, said "gold remains our most confident long allocation this year, and there is room for gold prices to rise as the market enters the Fed rate cut cycle". Gregory Shearer, head of fundamental and precious metals strategy, added: "The Fed rate cut cycle is compounded by concerns about stagflation, concerns about the independence of the Federal Reserve and the risk of currency depreciation, which together form a positive backdrop 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.