JP Morgan Gold Forecast: New All-Time Highs Ahead?

JP Morgan is the largest bank in the world.  With that kind of reach, we take a look at the gold price forecast from its Global Research division. Greg Shearer, head of Base & Precious Metals, acknowledges that recent investor interest has declined during the period of the Iran war, yet still forecasts higher prices at the end of this year and continuing to rise next year:

Gold prices posted continuous gains to kick off 2026, peaking in late January before cooling off in late March, and recently reaching an intra-year floor of $4,170/oz. Overall, the spot price has traded mostly sideways.

Trade concerns, geopolitical crises and central bank buying and selling have contributed to gold’s volatile spot price. Will the explosive surge in demand that started the year return? And what is the future of gold prices beyond 2026?

JP Morgan’s conclusion?  

Shearer expects gold to average $6,000 by the final quarter of 2026, rising toward $6,300 by the end of 2027:

While the geopolitical conflict involving Iran, Israel and the U.S. may be a headwind, the way it has unfolded reinforces many of the themes driving demand diversification into gold. Those themes include longer-term risks around higher inflation and purchasing power erosion, U.S. fiscal and budgetary concerns, geopolitical fracturing and concerns around U.S. policy unpredictability.

Wells Fargo sees gold nearly doubling from current levels to $8,000 an ounce within a year.  The forces at play behind that move?  “Debt, deficits, and inflation are seen eroding fiat currencies, boosting gold’s appeal.”   

From Asia the gold forecasts are equally bullish.  John Thang, Head of Markets, Hong Kong, Greater China, & North Asia at Standard Chartered Bank, expects demand for gold and other precious metals to remain elevated in the coming years. The group expects potential gold price upside of about 20 percent within the year, specifically forecasting gold to reach $4,850 in the third quarter this year and $5,150 in the fourth quarter.  

At Republic Monetary Exchange, we expect higher gold and silver prices ahead as well.  Learn more.  Speak with one of our precious metals professionals today.