JPMorgan lowered its gold price forecast for the fourth quarter of 2026. The bank cut the target by 25% to $4,500 per ounce. The previous target for the metal was approximately $6,000. Prices are expected to average $4,300 in the third quarter before rising to the new year-end target.
Analysts attribute the revision to softer demand and heightened sensitivity to real interest rates. These factors are currently limiting immediate price growth. JPMorgan maintains a long-term bullish outlook supported by central bank purchases and physical demand.
JPMorgan’s outlook is more conservative than other major financial institutions. Goldman Sachs maintains a $4,900 target for the end of 2026. UBS projects the metal will reach $5,200 during the same timeframe.