JPMorgan issued a bullish forecast for gold. The bank expects prices to reach $6,300 per ounce by year-end.
Analysts cite robust central bank demand and continued investor interest as primary drivers. Central banks are diversifying their reserves. JPM projects central banks will purchase 800 tons of gold in 2026.
The forecast arrived amid a significant gold sell-off. On February 2, bullion prices extended a sharp fall. Prices dropped more than 5% to a two-week low.