JP Morgan sees gold touching $6,000/oz by end-2026 despite recent price cooling

Gold prices are poised for a significant climb, potentially reaching $6,000 per ounce by the end of 2026 and even $6,300 by the end of 2027, according to a commodities research report by JP Morgan Global Research. This optimistic outlook persists despite a recent lull in investor enthusiasm and a period of sideways trading for the precious metal.

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The 2026 and 2027 outlook for gold prices remains ahead of current levels, with JP Morgan Global Research analysts expecting gold to push $6,000/oz by year end, and $6,300/oz a possibility for 2027

The report acknowledges that gold prices have lost momentum in recent months, experiencing a cooling after a strong rally at the start of 2026 and hitting an intra-year low of $4,170 per ounce. Analysts attribute this to ongoing uncertainty surrounding geopolitical developments and monetary policy, noting that future demand and price stability hinge on the resolution of global conflicts and the U.S. Federal Reserve's policy decisions.

Greg Shearer, Head of Base and Precious Metals at JP Morgan, observed that gold is currently in a "technical no-man's land," trading above its 200-day moving average but capped below its 50-day moving average. He added that concerns about potential Fed rate hikes in response to energy-driven inflation have temporarily sidelined gold for many investors.

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Gold is stuck in a bit of a technical no-man's land, trudging above the 200-day moving average around $4,340/oz and capped for now below the 50-day moving average at $4,730/oz

Despite these short-term headwinds, the fundamental drivers of strong gold demand over the past few years remain intact. JP Morgan highlights persistent concerns over inflation, the erosion of purchasing power, U.S. fiscal pressures, geopolitical fragmentation, and policy uncertainty as key factors supporting gold's role as a safe-haven asset. The report also emphasizes the crucial role of central banks, noting that while official data showed net sales in the first quarter of 2026, alternative estimates suggest actual buying activity was substantially higher, reaching an estimated 244 tonnes. China, in particular, is identified as a major source of demand, with net imports surging in the first quarter of 2026.

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Amid this sideways plod, and with growing worries that the Fed might have to respond to energy-driven inflation with hikes, gold is on the back burner for most investors at the moment