JP Morgan Private Bank: Gold prices are expected to surpass $5,000 by the end of next year.

J.P. Morgan Private Bank believes that the upward momentum of gold could push prices above $5,000 per ounce next year, mainly driven by central bank purchases from emerging market economies. Alex Wolf, global macro and fixed income strategy head at the Bank, said that by the end of 2026, gold prices could reach $5,200-5,300, which would be over 25% higher than the current trading price of the metal. The analyst noted that for many central banks, especially those in emerging markets, the overall percentage of gold in their foreign reserves is still relatively small. He pointed out that even though the pace of purchases may slow down due to rising prices, "we still see them continuing to accumulate." Central banks have been a key driver of the rise in gold prices, with China, Poland, Turkey, and Kazakhstan leading in purchases, as many emerging market economies have significant cash flows that need to be reinvested.