JP Morgan predicts gold over $ 4,000 to jaguar up to 2nd tri of 2026

THE JP Morgan See gold prices surpassing the $ 4,000 milestone per jaguar next year after increasing recession likely to increase US tariffs and the country’s trade war with China, the financial institution said on Tuesday.

The bank now expects gold prices to reach an average of $ 3,675/jaguar in the fourth quarter of this year, on the way to more than $ 4,000/jaguar in the second quarter of 2026, with risks of early exceeding these forecasts if the demand is higher than expectations.

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“The support of our forecast that gold prices approach US $ 4,000/jaguar next year is the continuity of strong gold demand from investors and central banks, with an average of 710 tons per quarter, in net terms this year,” the bank noted.

Gold in sight, which accumulates 29% appreciation and reached 28 records this year, reached the milestone of $ 3,500 per jaguar for the first time on Tuesday. Earlier this month, Goldman Sachs raised metal price estimate to the end of 2025 from $ 3,300 to $ 3,700/jaguar, noting that in “extreme scenarios”, gold could be traded close to $ 4,500/jaguar by the end of 2025.

In terms of a possible case from low to gold, an unexpected drop in the demand for central banks remains the greatest key risk, JP Morgan said.

“More materially pessimistic would be a scenario in which US economic growth remains extremely resistant to tariffs, allowing the Fed to become much more proactive in the fight against inflation risks, leading markets to pricing increases even before worrying inflation actually arrives,” analysts observed.

JP Morgan also foresees higher silver winds in the short term, given the uncertainty of industrial demand, while a “recovery window” will open in the second half of 2025, with prices should rise to $ 39/jaguar by the end of 2025.