JPMorgan is bullish on gold: year-end target set at $6,300, still a 34% upside

JPMorgan stated that investors should not sell gold. After Trump nominated Kevin Warsh to head the Federal Reserve, gold prices plummeted last Friday. They experienced significant volatility on Monday and rebounded slightly on Tuesday. JPMorgan believes this is merely a stumble on the way to higher year-end targets for gold prices.

The investment bank updated its gold price target for 2026 to $6,300 per ounce, an increase of about 34% from the approximately $4,700 price on Monday evening. Given what happened last Friday, this forecast may seem overly optimistic, but the bank's Gregory Shearer insists that a rebound is imminent. However, according to Shearer, investors need not worry about further declines in gold prices. In the report, he emphasized that gold demand remains strong, exceeding his team's expectations.