PANews reported on February 3 that JPMorgan Chase has raised its 2026 gold price target to $6,300 per ounce, representing an upside of approximately 34% from the current price of around $4,700.

Analysts at the bank believe that despite recent market volatility triggered by the nomination of the new Federal Reserve Chair, the long-term upward trend in gold prices remains unchanged. The core drivers of rising gold prices are the continued demand for gold from central banks and investors' efforts to diversify their portfolios.

JPMorgan Chase emphasizes that strong demand is putting pressure on the inelastic gold supply, which will drive prices up in search of a new market equilibrium. The bank states that gold's status as an effective safe-haven asset and portfolio hedging tool will remain unchanged regardless of future monetary policy developments. Compared to gold, the bank holds a more cautious view on the short-term outlook for silver.