TechFlow, Oct 23 — According to Jinshi Data, JPMorgan analysts maintained their bullish outlook on gold on Thursday, forecasting an average gold price of $5,055 per ounce by the fourth quarter of 2026.
The bank stated in its research report that this forecast is based on the assumption that "average quarterly investor demand and central bank gold purchases will remain at 566 tons in 2026." Natasha Kaneva, JPMorgan's global head of commodities strategy, said, "Gold remains our most confident long position this year. As markets enter the Fed's rate-cutting cycle, there is still room for gold prices to rise."
Gregory Shearer, head of base and precious metals strategy, added, "The combination of the Fed's easing cycle, stagflation concerns, worries over the Fed's independence, and currency depreciation risks creates a favorable backdrop for gold." Analysts view the recent market consolidation as a healthy development. Kaneva stated, "The pullback reflects the market digesting the sharp rally since August... It's normal to feel nervous given such a rapid surge. This is essentially a supply-demand imbalance—ample buyers but scarce sellers." She reiterated the long-term target of $6,000 per ounce by 2028, emphasizing that gold should be viewed from a multi-year perspective.
