J.P. Morgan Gold & Silver: Stay the Course on Gold — YE26 Target Raised to $6,300/oz
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J.P. Morgan maintains a structurally bullish stance on gold, raising its end-2026 target price to USD 6,300 per ounce from a prior forecast of USD 5,055. This revision follows a sharp but healthy market correction where gold prices retreated from nearly USD 5,600 to approximately USD 4,900 per ounce. The bank views this pullback as necessary and believes the long-term upward trajectory remains fully intact.
The upgraded target is driven by sustained strength in central bank and investor demand. Throughout 2025, central banks purchased 863 tonnes of gold. Investor ETF holdings grew by 800 tonnes, representing a 25% increase, while physical bar and coin demand surged 30% year-over-year in the fourth quarter alone. Looking ahead to 2026, J.P. Morgan projects central bank purchases of 800 tonnes and combined quarterly average demand from investors and central banks of 717 tonnes.
Quarterly average price forecasts for 2026 escalate steadily, starting at USD 5,100 in the first quarter and culminating at USD 6,300 by the fourth quarter. The 2027 target sits at USD 6,600. Overall investor gold holdings currently represent about 3.2% of global financial assets, a figure expected to climb toward 5%.
Conversely, J.P. Morgan remains cautious on silver. While the silver price floor has been elevated to USD 75 to 80 per ounce, near-term correction risks persist due to the absence of structural central bank buyers and stretched valuations.