JPMorgan forecasts gold to hit $6,300 in 2026 despite sharpest fall since 1980s
JPMorgan expects gold prices to hit $6,300 per ounce by the end of 2026 – despite bullion suffering its sharpest one-day drop since 1983 on Friday.Gold futures fell 0.9% Monday, continuing its descent following news that President Trump plans to nominate former Fed governor Kevin Warsh to lead the Federal Reserve – an expected pick that calmed investor nerves.But JPMorgan expects gold prices to hit $6,300 per ounce by the end of 2026 as investors and central banks continue to buy up the safe-haven asset.The brokerage said it forecasts central bank gold purchases at 800 tons this year.“Even with the recent near-term volatility, we remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets,” the bank said in a note Monday.Gold is coming off a record-breaking run in 2025, setting 53 new all-time highs and surpassing 5,000 tonnes for the first time on record, according to the World Gold Council.The annual average price jumped to $3,431 an ounce in 2025 – up 44% over the year.Deutsche Bank also reiterated its forecast for gold to reach $6,000 by the end of 2026, while UBS and Société Générale see $6,200 and $6,000, respectively.In previous forecasts, Morgan Stanley, Goldman Sachs and Citi expected gold to hit $5,700, $5,400 and $5,000 this year, respectively.Investors often buy gold as a hedge against inflation and economic uncertainty because of its ability to hold its value as other assets fall.
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