JPMorgan on Wednesday raised its long-term forecast for the price of gold by 15% to $4,500 an ounce, while leaving its end-2026 forecast unchanged at $6,300.
In a note to clients, the bank cited increased purchases by central banks, announcements about sales of U.S. Treasuries and countries shifting their revenue base from the dollar to the Chinese yuan.
Considering these factors, the central bank said it increased weighting on a “paradigm shift in the reserve currency” and “significant diversification of investors”, leading to a long-term outlook of $4,500 per ounce.
Earlier this month, Macquarie Group raised its average gold forecast for the first quarter of 2026 to $4,590 an ounce from $4,300, as well as its second quarter forecast to $4,300 an ounce from $4,200. The company also raised its 2026 average gold price forecast to $4,323 per ounce from its previous forecast of $4,225.
Spot gold prices have risen about 20% this year, hitting a three-week high of $5,248.89 an ounce on Tuesday, from a record high of $5,594.82 on Jan. 29.
This followed traditional safe-haven metals surging more than 64% in 2025.
Below is a list of the latest gold price predictions by analysts (in dollars per ounce).
Intermediary/Agent
Annual price forecast
target price
Current predictions
2026
JP Morgan*
$6,300
Expects gold price to reach $6,300 by Q4 2026, raises long-term gold price forecast to $4,500
February 25, 2026
macquarie group
$4,323
Average price in Q1 is expected to be $4,590, $4,300 in Q2
February 5, 2026
Wells Fargo Investment Institute*
Expected to be $6,100-$6,300 by the end of 2026
February 4, 2026
UBS
–
Increased March goal to $6,200,
June, September 2026
January 29, 2026
deutsche bank
$5,500
$6,000 in 2026
January 26, 2026
société generale
–
$6,000 by the end of 2026
January 26, 2026
morgan stanley
$4,600
Bull case is $5,700 in 2H 2026
January 23, 2026
goldman sachs
–
$5,400 by December 2026
January 22, 2026
City Research
$5,000
Increased price target for 0-3 months to $5,000
January 13, 2026
HSBC
$4,587
$4,450 by end of 2026
January 8, 2026
new zealand
$4,445
$4,400 by year end, $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
*Term-end forecast
(Reporting by Noel John and Anjana Anil in Bengaluru; Editing by Elaine Hardcastle)
