'J.P. Morgan revamps gold price target for 2026'

 

J.P. Morgan models gold reaching significant prices per ounce if household allocations increase markedly.
The bank shifts from viewing gold as a niche hedge to a “core holding” in portfolios.
The upside scenario depends on higher retail allocations and continued central-bank buying, not guaranteed outcome.

Gold has been on such a tear that even the people who model it for a living are scrambling to keep up.

I have watched J.P. Morgan’s calls on gold evolve over the last few years, and its latest move stands out. The bank now lays out an upside scenario where the metal trades between $8,000 and $8,500 an ounce if households meaningfully increase their allocations, as reported by CNBC.

That is not a base case, but it is a serious number from a conservative shop. Gold’s run past $5,500 this month, following a series of fresh records above $5,000, forced this rethink.

The biggest change in this note is the way J.P. Morgan talks about gold’s role. The bank now describes gold as a core holding that is being “rebased higher” in investor portfolios rather than a niche hedge that occasionally spikes during crises, according to CNBC’s summary of the J.P. Morgan report.

Strategist Nikolaos Panigirtzoglou says households are substituting “duration risk” in long‑term bonds with more gold exposure as they reassess the balance between yield and purchasing‑power risk, CNBC reported.

He says that as deficits remain large and policy feels less predictable, investors are more willing to give up some income to own something that is nobody’s liability.

https://www.thestreet.com/investing/j-p-morgan-revamps-gold-price-target-for-2026