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JPMorgan Chase raises gold price forecast, sees potential for $6,300 anounce by 2026 amid strong institutional demand and central bank buying.
By Anshul February 26, 2026, 7:02:52 AM IST (Published)
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JPMorgan Chase lifted its long-term gold price forecast to $4,500 per ounce and reiterated its projection that bullion could reach $6,300 an ounce by the end of 2026, pointing to sustained institutional demand and portfolio diversification trends.
The upgrade follows a strong run in precious metals.
Spot gold has gained around 20% so far this year, touching a three-week high of $5,248.89 per ounce on Tuesday (February 24). The metal earlier struck a record $5,594.82 an ounce on January 29, building on a rally of more than 64% an ounce in 2025.
JPMorgan said it remains firmly bullish through 2026, citing continued buying from central banks and investors. It expects aggregate demand this year to support prices and potentially drive gold toward $6,300 per ounce by late 2026.
The bank attributed gold’s climb over the past year to a mix of geopolitical uncertainty, expectations around policy easing by the Federal Reserve, sustained central bank purchases and inflows into bullion-backed exchange-traded funds. Lower interest rates typically enhance the appeal of non-yielding assets such as gold.
On silver, views were more mixed. Bank of America said in a separate note that gold could rise to $6,000 per ounce over the next 12 months. However, it cautioned that silver may face additional near-term pressure before regaining momentum.
Spot silver traded near $90.70 per ounce on Wednesday (February 25), retreating from a record high of $121.64 an ounce reached in late January. Bank of America said that despite the recent pullback, silver prices could move back above $100 per ounce later this year.
-With agenvies inputs
