JPMorgan Stays Bullish on Gold: Year-End Target of $6,300, Still a 34% Upside

BlockBeats News, February 3rd, JPMorgan Chase stated that investors should not sell gold. Following Trump's nomination of Kevin Warsh to lead the Fed, the price of gold plummeted last Friday. It continued to experience significant volatility on Monday and saw a slight rebound on Tuesday. JPMorgan Chase believes that this was just a stumble for gold on its way to a higher year-end target.

The investment bank has updated its 2026 gold price target to $6,300 per ounce, representing a roughly 34% increase from around $4,700 on Monday night. Given the events of last Friday, this forecast may seem overly optimistic, but JPMorgan's Gregory Shearer insists that a rebound is imminent. However, according to Shearer, investors need not worry about a further pullback in gold price. In the report, he emphasized that gold demand remains strong, exceeding their team's expectations.