Gold bars
JPMorgan Chase lowered its forecast for the average price of gold in 2026, citing weak near-term demand for the metal and a significant decline in investor interest. However, it anticipates a rebound in demand in the second half of the year. 
In a note, the bank’s analysts pointed to indicators of weakening demand, including the continued low trading volume of gold futures contracts on the Comex exchange and weak inflows into exchange-traded funds (ETFs).
The bank lowered its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing softer near-term demand for the metal as investor client interest has “dried to a trickle.”
Despite the downgrade, JPMorgan maintained a bullish outlook, expecting prices to climb toward $6,000 an ounce by the end of 2026 as demand strengthens in the second half of the year.
The bank explained its outlook, stating: “We maintain our positive medium-term outlook and expect that, once the uncertainties surrounding energy and inflation subside, demand for gold from investors and central banks will pick up again in the second half of 2026.”
Gold bars
JPMorgan Chase lowered its forecast for the average price of gold in 2026, citing weak near-term demand for the metal and a significant decline in investor interest. However, it anticipates a rebound in demand in the second half of the year.
In a note, the bank’s analysts pointed to indicators of weakening demand, including the continued low trading volume of gold futures contracts on the Comex exchange and weak inflows into exchange-traded funds (ETFs).
The bank lowered its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing softer near-term demand for the metal as investor client interest has “dried to a trickle.”
Despite the downgrade, JPMorgan maintained a bullish outlook, expecting prices to climb toward $6,000 an ounce by the end of 2026 as demand strengthens in the second half of the year.
The bank explained its outlook, stating: “We maintain our positive medium-term outlook and expect that, once the uncertainties surrounding energy and inflation subside, demand for gold from investors and central banks will pick up again in the second half of 2026.”
