Factbox-JP Morgan raises gold outlook on investor interest, central bank buying

(Reuters) -JP Morgan on Thursday forecast gold prices reaching an average of $5,055 per ounce by the fourth quarter of 2026, citing expectations of sustained investor interest and steady central bank buying."We believe [gold] has even higher to go as we enter a Fed cutting cycle with overlays of stagflation anxiety, concerns around Fed independence, and broader debasement hedging," the bank said in its note. JP Morgan analysts suggest that foreign holders of U.S. assets are diversifying slightly from U.S. dollars into gold. Natasha Kaneva, JP Morgan's Head of Global Commodities Strategy, said that while U.S. assets remain "core to their portfolios," companies are finding value in modestly reducing allocations. JP Morgan estimates that a shift reducing U.S. exposure from approximately 45% to 43%, with half a percentage point redirected into gold, could drive the gold price to $6,000. Gold prices have surged nearly 57% year-to-date, driven by geopolitical and economic uncertainty, rate-cut expectations, and sustained central bank buying. The precious metal hit multiple record highs, with the latest on Monday at $4,381.21 per ounce. [GOL/] Following is a list of analysts' latest forecasts for 2025 and 2026 gold prices (in $ per ounce): Brokerage/ Annual Price Forecasts Price Foreca Agency Targets  st as of   2025 2026     JP Morgan $3,468 $4,753 Octobe Expects r 23, prices 2025 reaching an average of $5,055/oz by 4Q26 HSBC $3,455 $4,600 Octobe $4,600 per r 17, ounce by 2025 year-end 2025 ANZ $3,494 $4,445 $4,400 by Octobe year-end r 16, and $4,600 2025 by June 2026 Bank of $3,352 $4,438 2026 gold Octobe America outlook r 13, raised to 2025 $5,000 Societe – – $5,000 by Octobe Generale the end of r 13, 2026 2025 Standard – $4,488   Octobe Chartered r 13, 2025 Goldman $3,400 $4,525 $4,900 by Octobe Sachs  December r 7, 2026 2025 Commerzban $4,000 – $4,200 by Octobe k* the end of r 7, next year 2025 Deutsche $3,291 $4,000 $4,300 by Septem Bank Q4-2026 ber 17, 2025 UBS – – Decline in Octobe   real rates, r 16, potentially 2025 into negative territory, could push gold towards $4,700 Citi $3,400 $3,250 – Septem Research ber 29, 2025 *end-of-period forecasts (Reporting by Pablo Sinha in Bengaluru; Editing by Toby Chopra)

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