JPMorgan Chase expects strong buying by central banks and investors to push gold prices to $6,300 per ounce by the end of the year, the bank said in a market brief.
The bank maintained that the medium-term outlook for gold remains strong, supported by a structural shift toward reserve diversification and sustained outperformance of real assets compared with paper assets.
JPMorgan now projects central bank gold purchases of around 800 tons in 2026 due to the ongoing and still-unexhausted up-and-down trend.
In contrast, the bank adopted a more cautious stance on silver. While silver prices have traded near $75 per ounce in the past few weeks, JPMorgan said the drivers behind the rally have become less clear. Spot silver fell last week to $76 per ounce, after hitting a record high of $122 only a few weeks back.
The bank noted that unlike gold, silver lacks consistent central bank support. However, it expects silver to hold a higher average floor of around $75 to $80 per ounce for now, despite recent declines.
