Finance
JP Morgan raises long-term gold price forecast to $4,500
Published by Global Banking & Finance Review®
Posted on February 25, 2026
2 min readLast updated: February 25, 2026
Tags:interest rates
Quick Summary
JPMorgan lifted its long‑term gold forecast to $4,500 and kept a $6,300 end‑2026 target. Gold is up about 20% this year after record highs. BofA sees a path to $6,000 and says silver could rebound above $100 after near‑term weakness.
JP Morgan Lifts Long-Term Gold Outlook to $4,500, Keeps 2026 Target
JP Morgan’s Updated Gold Outlook
Feb 25 (Reuters) - JP Morgan raised its long-term forecast for gold prices to $4,500 an ounce on Wednesday while keeping its 2026 year-end forecast at $6,300.
Spot Price Milestones in 2026
Spot gold has risen by about 20% this year, hitting a three-week high of $5,248.89 an ounce on Tuesday. It hit a record peak of $5,594.82 on January 29.
That followed a 2025 surge of more than 64% in the metal widely regarded as a safe-haven investment.
Why JP Morgan Remains Bullish Through 2026
The bank noted that it remains firmly bullish on gold prices through 2026 and still sees a continued structural diversification trend into the metal, which it says has further room to run.
2026 Price Target and Demand Expectations
It added that it forecasts enough demand from central banks and investors this year to ultimately push gold prices to $6,300 an ounce by the end of 2026.
Drivers: Geopolitics, Fed Easing, ETF Flows
Geopolitical risks, the U.S. Federal Reserve's interest rate easing cycle, central bank buying and flows into bullion-backed exchange-traded funds have driven gold to multiple record highs over the past year.
How Lower Rates Support Bullion
Low interest rates tend to make non-yielding gold a more attractive proposition for investors.
BofA’s Gold and Silver Outlook
Meanwhile, a Bank of America (BofA) note said it sees a pathway for gold to hit $6,000 an ounce over the next 12 months.
Silver Pullback and Rebound Scenario
The bank added that it is concerned that silver prices could pull back further in the near term but could rise again above $100 an ounce this year.
Recent Silver Price Levels
Spot silver was trading around $90.70 per ounce on Wednesday, down from a record $121.64 touched in late January.
(Reporting by Ishaan Arora, Anjana Anil and Ashitha Shivaprasad in BengaluruEditing by Sharon Singleton, Clarence Fernandez and David Goodman)
Key Takeaways
- •JPMorgan raises its long-term gold price forecast to $4,500 per ounce.
- •The bank maintains a $6,300 year-end 2026 target on robust demand.
- •Gold is up roughly 20% year to date after hitting new record highs.
- •Drivers include geopolitics, Fed easing, central bank buying and ETF inflows.
- •BofA sees a path to $6,000 for gold in 12 months; silver may top $100 again after volatility.
Frequently Asked Questions about JP Morgan raises long-term gold price forecast to $4,500
1What is the main topic?
JPMorgan increased its long‑term gold price forecast to $4,500 per ounce while keeping a $6,300 target for the end of 2026, reflecting strong official‑sector and investor demand.
2What factors are driving the bullish outlook for gold?
Geopolitical risks, expectations for Fed rate cuts, persistent central‑bank purchases and rising inflows into gold‑backed ETFs are seen supporting higher prices.
3How does silver factor into the outlook?
While near‑term pullbacks are possible, some analysts, including BofA, see potential for silver to rebound and trade above $100 per ounce again this year alongside strong gold.
