Gold XAU/USD
2026 Projections · 12 Banks
J.P. Morgan Gold Price Forecast 2026
J.P. Morgan is currently neutral on gold (XAU/USD) for 2026. The desk has moved its year-end target in both directions this cycle (1 up, 1 down), and its current year-end call sits above the cross-bank consensus — 12 tracked banks average $4,258/oz for year-end, with targets ranging $2,950–$5,243. The desk's exact year-end target and Q1–Q4 path are part of the paid tier.
What's driving the neutral view
- Central bank buying ~190 tonnes/quarter
- Bar & coin demand at 330 tonnes/quarter
- ETF/futures inflows ~275 tonnes/year
- China institutional demand accelerating
How JPM's gold call has moved
- Jun 2026Raised the year-end gold target
- Jun 2026Lowered the year-end gold target
- Jun 2026Reaffirmed the year-end target
Unlock J.P. Morgan's full 2026 gold forecast
Year-end target, quarterly Q1–Q4 path, bull & bear cases, every revision with exact levels, and the desk's report narrative. The stance, drivers, and consensus context above stay free.
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