JP Morgan raises long-term gold price forecast to $4,500

Meanwhile, a Bank of America (BofA) note said it sees a pathway for gold to hit $6,000 an ounce over the next 12 months.

JP Morgan raised its long-term forecast for gold prices to $4,500 an ounce on Wednesday while keeping its 2026 year-end forecast at $6,300.

Spot gold has risen by about 20% this year, hitting a three-week high of $5,248.89 an ounce on Tuesday. It hit a record peak of $5,594.82 on January 29.

That followed a 2025 surge of more than 64% in the metal widely regarded as a safe-haven investment.

The bank noted that it remains firmly bullish on gold prices through 2026 and still sees a continued structural diversification trend into the metal, which it says has further room to run.

It added that it forecasts enough demand from central banks and investors this year to ultimately push gold prices to $6,300 an ounce by the end of 2026.

Geopolitical risks, the U.S. Federal Reserve's interest rate easing cycle, central bank buying and flows into bullion-backed exchange-traded funds have driven gold to multiple record highs over the past year.

Low interest rates tend to make non-yielding gold a more attractive proposition for investors.

Meanwhile, a Bank of America (BofA) note said it sees a pathway for gold to hit $6,000 an ounce over the next 12 months.

The bank added that it is concerned that silver prices could pull back further in the near term but could rise again above $100 an ounce this year.

Spot silver was trading around $90.70 per ounce on Wednesday, down from a record $121.64 touched in late January.