Gold to hit $6,000 by end of 2026: JP Morgan

Gold to hit $6,000 by end of 2026: JP Morgan

JP Morgan Global Research has predicted that gold prices could reach new record highs by the end of 2026.

The report estimates an average price of around $6,000 per ounce in Q4 2026 and a possible increase to $6,300 per ounce by late 2027.

The forecast comes despite recent dips in investor interest and a phase of sideways trading for the precious metal.

Geopolitical uncertainty and Fed policy impact gold prices

The report highlights that gold prices saw a strong rally at the start of 2026, but have since cooled down.

The spot price recently hit an intra-year low of $4,170 per ounce.

JP Morgan attributes this trend to uncertainty over geopolitical developments and monetary policy.

"Future demand and price stability seem to depend on the resolution of ongoing geopolitical conflicts and on Fed policy - neither of which are certain at this time," the report noted.

Investor enthusiasm for gold has moderated

Greg Shearer, Head of Base and Precious Metals at JP Morgan, noted that investor enthusiasm for gold has moderated.

He said, "Gold is stuck in a bit of a technical no-man's land, trudging above the 200-day moving average around $4,340/oz and capped for now below the 50-day moving average at $4,730/oz."

He added that amid this sideways movement and fears of Fed action against energy-driven inflation with hikes, gold isn't a priority for many investors right now.

Demand factors for gold remain largely unchanged

Despite the recent price dip, JP Morgan's report says the demand factors that have fueled strong gold demand in recent years are largely unchanged.

These include concerns over rising inflation, loss of purchasing power, US fiscal pressures, geopolitical fragmentation and policy uncertainty.

All these factors continue to drive demand for gold as a safe-haven asset amid market volatility.

Central banks' role in gold's rally

The report also emphasizes the role of central banks in driving gold's rally in recent years.

While official data showed central banks sold 129 tons of gold in Q1 2026 and reported net purchases of only 16 tons, JP Morgan says alternative estimates suggest actual buying activity was much stronger.

World Gold Council estimates based on OTC market data and Swiss refinery flows suggest gold purchases in Q1 2026 could have been as high as 244 tons.