JPMorgan Forecasts Gold to $6,000/oz

JPMorgan Chase Global Research has issued a report forecasting that Gold prices could reach $6,000 per ounce by the end of 2026 and potentially $6,300 per ounce by the end of 2027. This outlook comes despite recent moderation in investor enthusiasm and a period of sideways trading for Gold, which saw an intra-year low of $4,170 per ounce in March 2026. The report attributes the long-term bullish trend to persistent concerns over higher inflation, erosion of purchasing power, US fiscal pressures, geopolitical fragmentation, and policy uncertainty, all of which support demand for Gold as a safe-haven asset. A key driver highlighted is the strong central bank buying, with alternative estimates from the World Gold Council suggesting higher actual purchases than official data. China, through its net imports and the Bank of China's increased purchases, is identified as a major source of this demand, aiming to diversify reserves and strengthen the China — Renminbi's position as an alternative reserve currency. Greg Shearer of JPMorgan Chase noted that while Gold is currently in a 'technical no-man's land,' the underlying factors for strong demand remain intact.