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J.P. Morgan expects gold prices to reach $6,300 per ounce by the end of 2026, as demand from central banks and investors continues, it said in a note on Monday.
The brokerage now forecasts central-bank gold purchases at 800 tons in 2026, citing an ongoing, unexhausted trend of reserve diversification.
"Even with the recent near-term volatility, we remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets," the brokerage said in a note on Monday.
Bullion fell more than 9.8% on January 30, in its sharpest one-day drop since 1983, and extended its fall on Monday, as increased CME margin requirements added to selling pressure.
Meanwhile, Deutsche Bank on Monday reiterated its gold price forecast of $6,000 an ounce in 2026, citing sustained investor demand for the precious metal despite an adjustment in prices.
Following is a list of analysts' latest gold price forecasts (in $ per ounce): Brokerag Annual Price Targets Forecast as e/Agency Price of Forecas t 2026 Expects prices J.P. reaching $6,300 by 4Q26 February 2, Morgan $6,300 2026 UBS - Raises target to $6,200 for January 29, March, 2026 June, and September 2026 Deutsche $5,500 $6,000 in 2026 January 26, Bank 2026 Societe - $6,000 by the end of 2026 January 26, Generale 2026 Morgan $4,600 Bull case is $5,700 for January 23, Stanley second half of 2026 2026 Goldman - $5,400 by December 2026 January 22, Sachs 2026 Citi $5,000 Raises 0-3 month price January 13, Research target to $5,000 2026 HSBC $4,587 $4,450 by year-end 2026 January 8, 2026 ANZ $4,445 $4,400 by year-end and October 16, $4,600 by June 2026 2025 Bank of $4,438 2026 gold outlook raised to October 13, America $5,000 2025 Standard $4,488 - October 13, Chartere 2025 d Commerzb $4,900 $4,800 by mid-2026 January 13, ank 2026 *end-of-period forecasts
(Reporting by Pablo Sinha in Bengaluru; Editing by Harikrishnan Nair)
