JPMorgan Downgrades Gold Forecast But Still Sees Bullish Trend

JPMorgan has downgraded its forecast for gold prices in 2026, citing softer near-term demand due to elevated inflation and energy market uncertainty. However, despite this short-term cut, the bank still expects both gold and silver prices to climb by the end of the year.

The New York City-based investment bank now forecasts an average gold price of $5,243 per ounce in 2026, down from its previous estimate of $5,708. Meanwhile, it sees the average silver price reaching $90 per ounce by the fourth quarter of next year.

JPMorgan's stance is contrary to UBS, which recently lowered its outlook for global silver demand and reduced forecasts for the market deficit. Economist Peter Schiff reiterated his bullish stance on precious metals, stating that rising oil prices and bond yields are causing gold and silver to sell off, but ultimately making them more attractive due to the plunge in real rates.