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.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。