JPMorgan said in a note on Monday that it expects gold prices to reach $6,300 an ounce by the end of 2026 as demand from central banks and investors continues.
The brokerage now forecasts central bank gold purchases to reach 800 tonnes in 2026, citing continued reserve diversification and a trend towards depletion.
“Despite recent short-term volatility, we remain bullish on gold over the medium term on the back of clean, structural and continued diversification trends in a regime where the outperformance of real assets relative to paper assets remains firmly entrenched,” the brokerage said in a note on Monday.
Bullion prices fell more than 9.8% on January 30, the steepest single-day decline since 1983, and the decline widened on Monday as increased CME margin requirements increased selling pressure.
Meanwhile, Deutsche Bank on Monday reiterated its 2026 gold price forecast of $6,000 an ounce, saying investor demand for the precious metal continues despite the price correction.
Below is a list of the latest gold price forecasts by analysts (in dollars per ounce): Brookerag’s annual price target expects 2026 price as electronic/agency forecast price JP expects to reach $6,300 by February 2nd by Q4 2026, Morgan $6,300 2026 UBS – January 29, 2026 March 2026, June 2026, September targets raised to $6,200 Germany $5,500 2026 $6,000 January 26, Bank 2026 Société – $6,000 by end of 2026 January 26, 2026, General 2026 Morgan $4,600 Bull case $5,700 Jan 23, Stanley 2H 2026 2026 Goldman – $5,400 by December 2026 Jan 22, 2026 Sachs 2026 Citi $5,000 Increase price for 0-3 months Jan 13 Research target $5,000 2026 HSBC $4,587 $4,450 by end of 2026 January 8, 2026 ANZ $4,445 $4,400 by year end and October 16 $4,600 by June 2026 2025 $4,438 Bank 2026 gold outlook raised on October 13, US $5,000 2025 Standard $4,488 – October 13, Chartail 2025 d Commerzb $4,900 $4,800 By mid-2026 January 13, ank 2026 *End of period forecast
(Reporting by Pablo Sinha in Bengaluru; Editing by Harikrishnan Nair)
