JPMorgan Chase raises gold target price to $6300 by the end of 2026

JPMorgan Chase has raised its gold price target for the end of 2026 to $6300 per ounce, with approximately 34% upside compared to the current price of around $4700. The bank's analyst pointed out that although the nomination of a new Federal Reserve chairman has caused market volatility, the long-term upward trend of gold has not been affected, mainly driven by the continued demand for gold purchases by central banks and diversified investor allocation. JPMorgan Chase stated that strong demand is putting pressure on the elasticity of gold supply, and price increases will seek a new market equilibrium. Meanwhile, the bank believes that the status of gold as a safe haven asset and investment portfolio hedge tool is not affected by changes in monetary policy, but remains cautious about the short-term prospects of silver.