Markets
February 23, 2026
JPMorgan has raised its gold forecast to $6,300 per ounce by 2026. This sharp upgrade reflects growing confidence. The bank also outlined a scenario where gold climbs much higher. The call comes at a time when gold is already regaining momentum.
Prices rose more than 1% this week to around $5,153 per ounce, helped by a weaker U.S. dollar after the Supreme Court ruled against key tariff measures tied to former President Donald Trump. The ruling added another layer of uncertainty to global trade policy and made dollar-priced assets like gold more attractive to overseas buyers.
In addition, independent analyst Ross Norman also said,
“After surging to unprecedented heights earlier this year, gold is showing signs of reclaiming its long-term bull market but in a more measured way.”
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Why JPMorgan’s Gold Forecast Signals a Powerful $8,000 Price Outlook
The more notable part of the JPMorgan gold forecast is how far the bank believes prices could eventually go. Analysts see a path toward gold to $8,000. This was driven less by speculation and more by gradual changes in portfolio construction. Even a small increase in investor allocation could create significant upward pressure on prices. They wrote,
“Even with the recent near-term volatility, we remain firmly bullishly convinced in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real asset outperformance vs. paper assets.”
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Central bank gold buying has already been tightening supply conditions. Official purchases surged to record levels in recent years, according to the World Gold Council. Countries seem to be diversifying their reserves away from currencies exposed to geopolitical risk.
This shift reflects broader concerns about inflation, debt levels, and long-term currency stability. Governments and investors have been figuring out how they would protect wealth amidst an uncertain environment. For instance, parts of Russia’s foreign holdings were frozen as part of sanctions. However, gold offers independence from any single country’s financial system. JPMorgan analysts further added,
“There’s a laundry list of reasons why, but the biggest driver may be a new era of geopolitical volatility and fragmentation, incentivizing investors to buy the precious metal. Now add on worries about currency debasement, growth, inflation, and irresponsible fiscal finances that haven’t been fully reflected in sovereign assets. It’s no wonder the precious metal has been a popular asset for investors during times of stress.”
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