JPMorgan Firmly Bullish on Gold: Year-End Target Raised to $6,300, Still 34% Upside Potential

Odaily News JPMorgan stated that investors should not sell gold. Following former President Trump's nomination of Kevin Warsh to lead the Federal Reserve, gold prices plummeted last Friday. After experiencing continued significant volatility on Monday and a rebound on Tuesday, JPMorgan believes this is merely a stumble on gold's path toward a higher year-end target.

The investment bank has updated its 2026 gold price target to $6,300 per ounce, representing an approximate 34% increase from Monday evening's price of around $4,700. Given last Friday's events, this forecast may appear overly optimistic, but the bank's Gregory Shearer insists a rebound is imminent. However, according to Shearer, investors need not worry about further corrections in the gold price. In the report, he emphasized that gold demand remains strong, exceeding his team's expectations.

"Even with recent short-term volatility, we believe the long-term upward momentum will remain intact," Shearer wrote, adding that the ongoing trend of diversification allocation will drive gold to outperform.

Shearer referred to demand from central banks, stating it will continue on an upward trajectory in 2026. He also predicted that investor interest will not wane, even after the surprising volatility experienced during last Friday's sell-off.