JPMorgan predicts gold prices will rise to over $5000 per ounce by 2026

Analysts at JP Morgan Private Bank expect significant growth in gold prices by 2026: the cost of one ounce could exceed $5000. The main reason for this increase, experts say, is the active purchases of gold by central banks in emerging market countries.

This is reported by AgroReview

Central banks drive price increases

Purchases of the precious metal have become a key factor in the sharp rise in its value in recent years. Central banks are seeking to secure their reserves and diversify their assets, which stimulates demand for gold. In October, gold prices reached a historic high of $4380 per ounce, followed by a slight decline. Despite this, overall since the beginning of the year, the price of gold has increased by more than 50%.

Forecast for the coming years

Alex Wolf, the global head of macro strategy and fixed income strategy at JP Morgan, noted that by the end of 2026, the price of gold could reach $5200–$5300 per ounce. This is more than 25% higher than the current value of the metal.

“Gold still represents a relatively small portion of foreign reserves for many central banks, especially in emerging market countries,” Wolf explained.

According to experts, despite the rising prices, central banks will continue to buy gold, although the pace of purchases may slow somewhat.