JPMorgan analysts maintained their bullish stance on gold on Thursday, predicting the price will average $5,055 per ounce by the fourth quarter of 2026. The bank's research note stated that this forecast assumes that quarterly investor demand and central bank gold purchases will average 566 tons in 2026. Natasha Kaneva, JPMorgan's head of global commodities strategy, stated, "Gold remains our highest-conviction long position this year, and as the market enters a cycle of Fed rate cuts, gold prices have room to rise." Gregory Shearer, head of base and precious metals strategy, added, "The Fed's rate-cutting cycle, coupled with concerns about stagflation, concerns about Fed independence, and the risk of currency devaluation, all create a favorable backdrop for gold." Analysts believe the recent market consolidation is a healthy phenomenon. Kaneva said, "The pullback reflects that the market is digesting the rapid gains since August. ... It's normal to feel nervous in the face of such a rapid rise. This is essentially a supply-demand imbalance—buyers are plentiful and sellers are scarce." She reiterated her long-term target of $6,000 per ounce by 2028, emphasizing that gold's trajectory should be viewed from a multi-year perspective. (Gold Ten)