JP Morgan has raised its gold price forecast, predicting prices will surpass $4,000 per ounce by Q2 2026. The bank projects gold will average $3,675/oz by Q4 2025.
This outlook is supported by anticipated strong investor and central bank gold demand, averaging around 710 tonnes per quarter this year. Spot gold has already gained 29% this year, hitting 28 record highs and recently touching $3,500/oz for the first time.
However, JP Morgan warns that an unexpected decline in central bank demand represents the biggest risk to gold’s continued rise. Meanwhile, silver faces near-term challenges but is expected to recover by the end of 2025.
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