As global markets remain volatile and investors seek refuge from inflation, geopolitical instability, and economic uncertainty, gold is once again emerging as a critical safe-haven asset. According to a new report from JPMorgan, gold may not only continue its upward trajectory—but could soar to $6,000 per ounce by 2029.
This forecast has sparked widespread interest across the investing world, prompting analysts and individual investors alike to ask: Could gold really hit $6,000?
JPMorgan’s Gold Price Forecast: A Closer Look
JPMorgan has made a series of increasingly bullish predictions for gold’s future:
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Gold could reach $3,675 per ounce by Q4 2025
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It may climb to $4,000 per ounce by Q2 2026
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In a more aggressive scenario, gold might hit $6,000 per ounce by early 2029 if just 0.5% of foreign U.S. assets shift into gold
These predictions are underpinned by strong fundamentals and global economic trends that continue to drive demand for gold.
Key Drivers Behind the Surge in Gold Prices
1. Central Bank Gold Demand
Central banks around the world have been ramping up gold purchases, averaging 710 tonnes per quarter. This is a critical tailwind for the precious metal, especially as global reserves shift away from U.S. dollars amid rising geopolitical risks.
2. Investor Gold Demand
Private and institutional investors are increasingly viewing gold as a hedge against inflation and economic instability. With continued volatility in equity and bond markets, gold offers portfolio diversification and capital preservation.
3. Limited Gold Supply
Global gold supply growth remains slow, making the market highly sensitive to demand shocks. This supply constraint further supports long-term gold price predictions.
4. Macro Risks
JPMorgan highlights ongoing recession concerns, U.S.-China tensions, and the potential for renewed inflation as factors that could drive gold prices even higher.
How High Could Gold Go?
While the $6,000 figure might seem extreme, JPMorgan presents it as a plausible outcome in a world where investor sentiment and global policy align to favor gold. The shift of just a fraction (0.5%) of foreign U.S. assets into gold could unleash massive buying pressure, significantly impacting prices.
However, the bank also warns of downside risks, including:
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A drop in central bank demand
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A stronger-than-expected U.S. economy prompting the Federal Reserve to maintain or raise rates
These variables will likely determine whether gold merely appreciates or truly skyrockets.
What This Means for Investors
For investors looking to benefit from this trend, gold presents a compelling opportunity:
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Short-term outlook: Gold could reach $3,675–$4,000 per ounce by 2026
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Long-term strategy: Holding gold as part of a diversified portfolio may deliver outsized returns if the $6,000 prediction materializes
Whether through physical gold, gold ETFs, or mining stocks, exposure to this asset class may be a smart hedge in today’s uncertain environment.
Final Thoughts
JPMorgan’s gold price forecast has introduced a new level of excitement—and caution—into the market. With central banks and investors increasing their positions, and supply growth lagging behind, gold could very well reach new heights.
While $6,000 per ounce might seem like a long shot today, the underlying economic and geopolitical trends suggest that the gold bull market may just be getting started.