As gold prices continue to smash records, analysts are now assessing the metal’s next potential destination, with J.P. Morgan outlining scenarios in which it could top the $8,000-an-oz. level in coming years.
Gold has been off to a strong start this year, gaining almost 25% to date amid a surge in safe-haven demand, strong central bank buying and a shift away from long-term bonds. This week, the metal breached the key $5,000 level and breezed past it towards a new record near $5,600 per ounce.
In a research note issued Thursday, J.P. Morgan strategists led by Nikolaos Panigirtzoglou said prices could push even higher to $8,000 an oz. by the end of this decade if private sector investors continue to pile into the metal.
This scenario, which represents an upside of over 40%, could happen if investors increase their allocations into gold from 3% to 4.6% of portfolios, the analysts said.
Other banks are upgrading their gold outlook. Earlier this month, analysts at Goldman Sachs lifted their year-end gold price target to $5,400 an oz., also citing growing demand from the private sector.
The forecasts reflect the robust demand fundamentals for the safe-haven metal. Data released on Thursday by the World Gold Council showed that global gold demand hit a record high in 2025, driven largely by geopolitical instability and concerns about the U.S. dollar.
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