JP Morgan bumped its year-end gold forecast to $6,300/oz, up from its earlier $5,055 target. Goldman Sachs followed with $5,400. Both banks point to the same structural story: central banks buying at elevated rates (585 tonnes per quarter projected for 2026), ETF inflows running 73% above last year’s pace, and a geopolitical backdrop that keeps safe haven demand alive. JP Morgan even floated an $8,000-$8,500 scenario if household allocations rise from 3% to 4.6%.
That’s not a base case, but the fact that a major bank is modeling it at all says something. Gold at $4,718 today still has a lot of room to run if these forecasts are even half right.