JPMorgan analysts predict gold could surge to $6,000 per ounce by 2029, an 80% increase from current levels, if foreign investors move just 0.5% of their US asset holdings into the metal.
According to a note released on Wednesday, such a minimal reallocation would direct approximately $273 billion toward gold over four years, equating to roughly 2,500 metric tons and potentially yielding 18% annual returns.
“While hypothetical, this scenario illustrates why we remain structurally bullish gold and think prices have further to run,” the analysts said. The precious metal has surged more than 20% this year, with values doubling compared to three years ago. Gold currently trades near $3,300 per ounce.
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From earlier: Gold Surges to Record $3,400 Amid Global Economic Uncertainty
Multiple factors have driven the rally, including central banks increasing gold purchases after Russia’s 2022 Ukraine invasion raised concerns about asset freezes. High inflation, expanding fiscal deficits, and President Trump’s trade policies have further accelerated the trend.
JPMorgan’s Grace Peters also recently told Bloomberg Television that gold could hit $4,000 per ounce in the second quarter of 2026, even in a positive global growth environment. Peters cited geographic diversification as key to navigating today’s markets, noting that emerging central banks still have room to position closer to where their developed market counterparts are.
Related: China Plans to Expand Shanghai Gold Exchange Internationally
JPMorgan remains “structurally bullish” as Peters explained: “There’s definitely been a way over the last couple of years as to how gold has traded, and we think those structural changes are likely to keep playing out.”
Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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