New York — JP Morgan Private Bank has released its latest forecast, projecting gold prices to surpass $5,000 per troy ounce in 2026. The rally is expected to be fueled primarily by sustained purchases from central banks in emerging markets, alongside growing investor appetite for safe‑haven assets.
Alex Wolf, JP Morgan’s global head of macro strategy and fixed income, anticipates gold reaching $5,200–$5,300 by the end of 2026, representing a 25% increase from current levels. Central banks, particularly in China, Poland, Turkey, and Kazakhstan, have been diversifying reserves away from US‑centric financial markets, with annual purchases estimated at 750–900 tons according to the World Gold Council.
Wolf notes that while the pace of buying may slow as prices rise, gold remains a relatively small portion of foreign reserves for many emerging economies. “We still see them adding gold, even if at a moderated pace,” he explained.
Investor sentiment also plays a role. Concerns over fiat currencies and inflationary pressures are prompting portfolio managers to allocate up to 5% of holdings into gold. Even modest increases in institutional demand could drive further upward momentum.
From a corporate communication perspective, JP Morgan’s forecast underscores the strategic importance of gold as both a hedge and a diversification tool. For businesses and governments, the message is clear: gold is not replacing the dollar, but its rising share in reserves and portfolios signals a recalibration of global financial strategies.
