14.06.2026 12:50
Geopolitical risks and strong central bank purchases continue to support gold prices in global markets. JP Morgan made a notable forecast by revising its 2026 and 2027 expectations for gold prices upward. The major bank predicted that gold prices could reach $6,000 per ounce in the last quarter of 2026 and $6,300 per ounce by the end of 2027.
In its latest commodity report, JP Morgan Global Research forecast that gold could trade at an average of $6,000 per ounce in the last quarter of 2026. The institution stated that prices have the potential to rise to $6,300 by the end of 2027.
The report noted that after a strong rally in the first part of the year, gold prices lost momentum as of March, with the ounce of gold recently testing its year-to-date lows by falling to $4,170.
UNCERTAINTIES SUPPORT GOLD
JP Morgan emphasized that uncertainties in the global macroeconomic outlook continue to impact gold prices. Geopolitical tensions, the search for direction in monetary policies, and expectations regarding the U.S. Federal Reserve's interest rate moves stand out as determining factors in pricing.
According to the report, although there is short-term weakness in investor behavior, the fundamental dynamics supporting safe-haven demand remain intact.
SEEKING DIRECTION IN TECHNICAL OUTLOOK
Greg Shearer, Head of Precious Metals at JP Morgan, stated that gold prices are moving within a narrow technical range. Shearer noted that prices are above the 200-day moving average but below the 50-day moving average.
Experts say the market squeeze is due to investors seeking direction between interest rate and inflation expectations.
CENTRAL BANKS AND THE CHINA EFFECT
The report highlighted the growing role of central banks in gold demand. While official data showed limited net purchases in the first quarter, actual market-driven demand is said to be much stronger.
In particular, the increase in gold demand from China stood out. JP Morgan noted that China's net gold imports saw a strong rise in the first quarter of the year, while also emphasizing that the People's Bank of China has increased its purchases as part of its reserve diversification strategy.