Gold prices to rise? JP Morgan forecasts yellow metal could reach $6,000/ounce by year-end — Here's why

JP Morgan Global Research forecasts gold could reach approximately $6,000 per ounce by Q4 2026, with a potential upside to $6,300/oz in 2027, driven by concerns over inflation, US fiscal pressures, geopolitical fragmentation, and sustained central bank buying. The bullish outlook comes despite recent sideways trading, with spot gold recently touching an intra-year low of $4,170/oz, and uncertainty around Fed monetary policy and geopolitical resolution remains a key swing factor. Central bank demand remains robust, with China's PBOC accelerating purchases to 8 tonnes in April, and Chinese net imports surging to 317 tonnes in Q1 2026.