JPMorgan sees gold hitting $4,250 by end-2026

JPMorgan analysts says gold prices could reach $4,000 in Q2 2026 and $4,250 by the end of 2026

JPMorgan analysts expect gold prices to keep rising despite fresh record highs this week, driven by growing bets on Federal Reserve rate cuts and concerns over the central bank’s independence.

Patrick Jones, a markets analyst at the bank, wrote in a research note published Wednesday that any rate cuts in line with or exceeding expectations would boost inflows into gold exchange-traded funds and push prices to $3,675 an ounce by end-2025.

He added that prices could reach $4,000 in the second quarter of next year and $4,250 by the end of 2026, particularly if US President Donald Trump’s administration succeeds in removing Federal Reserve Governor Lisa Cook.

Jones said Cook’s removal would have broader implications for the Fed’s leadership structure, noting that any erosion of its independence would carry significant long-term consequences for gold prices.