JPMorgan Chase remains bullish on gold: year-end target is $6,300, still a 34% upside.

JPMorgan Chase says investors should not sell gold. Gold prices plunged on Friday after Trump nominated Kevin Warsh to head the Federal Reserve. Following significant volatility on Monday and a rebound on Tuesday, JPMorgan believes this was merely a stumble on gold's path to a higher year-end target. The investment bank updated its 2026 gold price target to $6,300 per ounce, a roughly 34% increase from Monday evening's low of around $4,700. Given Friday's events, this forecast may seem overly optimistic, but the bank's Gregory Shearer insists a rebound is imminent. However, according to Shearer, investors need not worry about further price pullbacks. In the report, he emphasized that gold demand remains strong, exceeding his team's expectations. "Even with recent short-term volatility, we believe the long-term upward momentum will remain intact," Shearer wrote, adding that the ongoing trend of diversification will drive gold to outperform. Shearer was referring to demand from central banks, which he said will continue its upward trajectory in 2026. He also predicted that investor interest would not wane even after the dramatic volatility of last Friday's sell-off.