JPMorgan sees gold topping $8K

JPMorgan said gold prices could climb beyond $8,000 an ounce as private investors and central banks increase allocations amid persistent global uncertainty.

In a report dated Jan. 29, the bank said a rise in private gold holdings to about 4.6% of average portfolios from roughly 3% could support prices in the $8,000 to $8,500 range.

“The allocations to gold by both private investors and central banks continue to grind higher,”

Said JPMorgan, managing director Nikolaos Panigirtzoglou, adding that the bank sees “more upside over the coming years.”

Gold has had a volatile start to 2026, surging above $5,000 an ounce in January before falling about 11% to around $4,900 after a stronger US dollar and hawkish policy signals.

The recent pullback followed a government funding deal and the nomination of Kevin Warsh as Federal Reserve chair, developments that weighed on risk assets and precious metals.

Despite the correction, JPMorgan said gold remains strongly supported by central bank buying and household shifts away from long-duration bonds toward defensive assets.

The bank added that while momentum-driven buying has left gold overbought in the near term, stronger liquidity and broader participation continue to underpin its role as a primary portfolio hedge at JPMorgan.