JP Morgan Private Bank: Gold could reach $5,200-5,300 by the end of 2026

Gold's strong rally could push prices above $5,000 an ounce next year, driven by continued buying by central banks in emerging market economies, according to JPMorgan Private Bank. Alex Wolf, head of global macro and fixed income strategy at the bank, noted that gold prices could reach $5,200- $5,300 by the end of 2026, more than 25 per cent above current trading levels. Global central bank gold purchases have been a key driver of gold's sharp rally over the past two years. Policymakers' search for a store of value and asset diversification pushed gold prices to a record high above $4,380 in October, and despite falling back in recent weeks, they are still up more than 50 per cent so far this year. Mr. Wolf said gold was still a relatively small proportion of foreign exchange reserves for many central banks, particularly in emerging markets, adding: "We are still seeing them adding to their gold holdings, although the pace of buying may be slower because of higher prices."