JPMorgan said in a research note released on Sunday that rising demand from central banks and investors could push gold prices toward $6,300 per ounce by the end of 2026, reaffirming the metal’s appeal as a key safe-haven asset amid growing economic and geopolitical uncertainty.
The forecast comes despite continued selling pressure on gold during Monday’s trading, with prices slipping to their lowest levels in more than two weeks. The precious metal had reached a record high of $5,594.82 per ounce last Thursday, before retreating amid a stronger U.S. dollar and a decline in global risk appetite.
The bank stressed that it remains firmly positive on gold over the long term, citing what it described as a structural shift away from paper assets toward real assets. JPMorgan expects central banks to purchase around 800 tonnes of gold in 2026, as countries increasingly diversify their reserves away from the U.S. dollar.
Silver Under Scrutiny
As for silver, which also retreated after hitting an all-time high of $121.64 per ounce on Thursday, JPMorgan noted that identifying the metal’s key price drivers has become more challenging, prompting the bank to adopt a more cautious stance.
However, JPMorgan said it still sees attractive medium-term opportunities for silver, forecasting prices to stabilize within a range of $75 to $80 per ounce, compared with its previous estimates. The bank added that silver, after outperforming gold in recent months, is unlikely to surrender all of its accumulated gains.
Sharp Sell-Off in Precious Metals
Precious metals markets are currently experiencing a sharp downturn, with gold losing more than 8% during Monday’s session, while silver plunged by over 14%. The declines have been driven by a stronger U.S. dollar and shifts in investor behavior, as markets cautiously await the Federal Reserve’s policy direction on interest rates under the leadership of its newly nominated chair.
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