The Bull Case: JPMorgan Expects Gold to Reach $4,000 an Ounce by 2026

JPMorgan analysts said that gold could extend its bull market through 2026, with the price of a troy ounce of the metal reaching $4,000, supported by the current trade war climate and ongoing demand from investors and central banks.

JPMorgan Believes Gold May Touch $4,000 an Ounce in 2026

Gold keeps making headlines in one of the largest bull markets ever for the precious metal. JPMorgan, one of the largest investment banks in the world, has recently updated its expectations for gold, claiming it can reach $4,000 by Q2 2026.

In a note presented on Tuesday, JPMorgan analysts stated that the bull case for the commodity might take it to even higher highs, meaning that the historic prices reached this week could be topped soon.

JPMorgan declared:

Underpinning our forecast for gold prices heading towards $4,000/oz next year is continued strong investor and central bank gold demand averaging around 710 tonnes a quarter on net this year.

Gold has been on a roll recently, scoring several historic highs this month. The traditional drivers of gold, serving as a hedge in times of economic uncertainty, are still intact, even with the recent fall that took prices to sub $3,300 per troy ounce after going over the $3,500 mark on April 22.

Read more: Gold Prices Soar Over $3,500 on the Wings of a Weak Dollar

Nonetheless, JPMorgan still sees a bearish path for gold, which includes Fed rate hikes (a situation not contemplated today) and rising inflation in the U.S.

The note states a “more materially bearish would be a scenario where U.S. economic growth remains extremely resilient to tariffs allowing the Fed to turn much more proactive in fighting inflation risks, prompting markets to price in hikes even before worrying inflation actually arrives.”

The bank’s bullish case forecast matches what other institutions are also predicting for the future of gold. Goldman Sachs recently updated its target for gold, making a similar call. Their analysts noted they saw gold’s role as a hedge against recession and geopolitical risks as a driver capable of taking it to $3,700 per ounce by the year’s end, and to $4,000 by Q3 2026.