JPMorgan Still Bullish on Gold, Raises 2026 Year-End Target Price to $6,300

PANews February 3 News, JPMorgan Chase has raised its 2026 gold price target to $6,300 per ounce, still about 34% higher than the current price of approximately $4,700. The bank’s analysts believe that despite recent market volatility triggered by the nomination of the new Federal Reserve chair, the long-term upward trend of gold remains unchanged. The core drivers pushing gold prices higher come from sustained central bank gold purchases worldwide and investors reallocating for portfolio diversification. JPMorgan Chase emphasizes that strong demand is putting pressure on the inelastic gold supply, which will drive prices up in search of a new market equilibrium. The bank states that regardless of future monetary policies, gold’s status as an effective safe-haven asset and portfolio hedge will not change. Compared to gold, the bank holds a more cautious outlook on the short-term prospects for silver.