25.02.2026 16:00
JP Morgan, one of the leading banks in the United States, has raised its long-term gold price forecast to $4,500, citing the increasing gold purchases by central banks and the shift in global reserve preferences. The bank did not change its forecast of $6,300 for gold by the end of 2026.
JP Morgan, one of the largest banks in the United States, raised its long-term gold price forecast, citing increased central bank purchases and changes in global reserve preferences. The bank raised its long-term expectation for gold to $4,500 per ounce while maintaining its year-end 2026 forecast at $6,300.
"THE RESERVE CURRENCY PARADIGM IS CHANGING"
In a report published today, JP Morgan cited the increasing gold purchases by central banks, statements regarding exits from U.S. Treasury bonds, and the shift of some countries' income bases from the dollar to the Chinese yuan. The bank stated that these developments strengthen the trend of "changing reserve currency paradigms" and "significant investor diversification."
GOLD IS DISTINGUISHING ITSELF FROM OTHER COMMODITIES
The report emphasized that long-term pricing tools used for industrial commodities (such as incentive pricing and marginal cost analysis) are less applicable to gold. The bank pointed out that the supply-demand dynamics of gold operate differently from other commodities.
REASONS BEHIND THE RECORDS
Geopolitical risks, the Federal Reserve's interest rate cut cycle, central bank purchases, and inflows into gold-based exchange-traded funds have pushed gold prices to record levels multiple times over the past year. JP Morgan's updated forecast indicates that the search for safe havens by global investors may continue.
* THIS IS NOT AN INVESTMENT ADVICE