JPMorgan Raises 2026 Gold Price Target to $6,300 Amid Strong Demand

JPMorgan has increased its 2026 gold price target to $6,300 per ounce, representing a potential 34% rise from the current price of approximately $4,700. According to PANews, the bank's analysts believe that despite recent market fluctuations due to the nomination of a new Federal Reserve chair, the long-term upward trend for gold remains intact.The primary drivers of this increase are the ongoing demand from central banks for gold purchases and investors seeking portfolio diversification. JPMorgan highlights that strong demand is putting pressure on the inelastic supply of gold, which will drive prices higher to achieve a new market equilibrium.The bank asserts that regardless of future monetary policy changes, gold's role as an effective safe-haven asset and portfolio hedge will remain unchanged. In contrast, JPMorgan holds a more cautious outlook on the short-term prospects for silver.