J.P. Morgan Sees Gold Prices Hitting US$6,300 an Ounce by End-2026

WASHINGTON, 2 February 2026 — J.P. Morgan expects gold prices to climb to US$6,300 per ounce by the end of 2026, driven by sustained demand from central banks and investors, the brokerage said in a note on Monday.

J.P. Morgan now forecasts central bank gold purchases of 800 tonnes in 2026, citing what it described as an ongoing and 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 versus paper assets,” the brokerage said.

Gold prices have been volatile in recent sessions. Bullion fell more than 9.8% on January 30, marking its sharpest one-day decline since 1983, and extended losses on Monday after higher margin requirements set by CME Group added to selling pressure.

Despite the pullback, other major banks remain constructive on the precious metal’s outlook. Deutsche Bank on Monday reiterated its forecast for gold prices to reach US$6,000 an ounce in 2026, citing continued investor demand even as prices adjust.

Several global banks have raised their gold price targets in recent weeks, reflecting expectations that central bank buying, portfolio diversification and demand for real assets will continue to underpin prices over the medium term.

Selected Gold Price Forecasts (US$ per ounce)

End-of-period forecasts unless otherwise stated.