FACTBOX-J.P. Morgan expects gold prices to reach $6,300/oz by end of 2026
Feb 2 (Reuters) - J.P. Morgan expects gold prices to reach $6,300 per ounce by the end of 2026, as demand from central banks and investors continues, it said in a note on Monday.
The brokerage now forecasts central-bank gold purchases at 800 tons in 2026, citing an ongoing, unexhausted trend of reserve diversification.
"Even with the recent near-term volatility, we remain firmly bullishly convicted in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs paper assets," the brokerage said in a note on Monday.
Bullion fell more than 9.8% on January 30, in its sharpest one-day drop since 1983, and extended its fall on Monday, as increased CME CME.O margin requirements added to selling pressure.
Meanwhile, Deutsche Bank on Monday reiterated its gold price forecast of $6,000 an ounce in 2026, citing sustained investor demand for the precious metal despite an adjustment in prices.
Following is a list of analysts' latest gold price forecasts (in $ per ounce):
Brokerage/Agency | Annual Price Forecast | Price Targets | Forecast as of |
| 2026 |
|
|
J.P. Morgan | $6,300 | Expects prices reaching $6,300 by 4Q26 | February 2, 2026 |
UBS | - | Raises target to $6,200 for March, June, and September 2026 | January 29, 2026 |
Deutsche Bank | $5,500 | $6,000 in 2026 | January 26, 2026 |
Societe Generale | - | $6,000 by the end of 2026 | January 26, 2026 |
Morgan Stanley | $4,600 | Bull case is $5,700 for second half of 2026 | January 23, 2026 |
Goldman Sachs | - | $5,400 by December 2026 | January 22, 2026 |
Citi Research | $5,000 | Raises 0-3 month price target to $5,000 | January 13, 2026 |
HSBC | $4,587 | $4,450 by year-end 2026 | January 8, 2026 |
ANZ | $4,445 | $4,400 by year-end and $4,600 by June 2026 | October 16, 2025 |
Bank of America | $4,438 | 2026 gold outlook raised to $5,000 | October 13, 2025 |
Standard Chartered | $4,488 | - | October 13, 2025 |
Commerzbank | $4,900 | $4,800 by mid-2026 | January 13, 2026 |
*end-of-period forecasts
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