New forecast for gold prices: Will the rally continue?

Gold prices have broken records, reaching the $3,500 per ounce level for the first time in history. This historic threshold has once again turned investors' eyes toward the future trajectory of gold. The US-based investment bank JPMorgan predicts that the rise in gold will continue, based on global economic developments.

GLOBAL TENSIONS AND RECESSION CONCERNS AT THE FOREFRONT

In the latest analysis published by JPMorgan, it was pointed out that the risk of a global recession has increased with the reignition of the trade war between the US and China and the new customs tariffs implemented by the US.

It was emphasized that these uncertainties have increased investors' search for a safe haven and strengthened the demand for gold.

EXPECTATION OF $3,675 IN 2025 AND $4,000 IN 2026

According to the bank's analysis, the rise in gold prices will continue in 2025 and 2026. JPMorgan estimates that the average ounce price of gold will be at the $3,675 level in the last quarter of 2025, and this figure will exceed $4,000 in the second quarter of 2026.

CENTRAL BANKS AND INVESTOR DEMAND ARE EFFECTIVE

Another point that stands out in the analysis is the intense interest of central banks and investors in gold.

JPMorgan stated, "The continuation of strong investor and central bank gold demand, which has averaged 710 tons per quarter this year, is the main factor supporting the price increase."

According to the bank, if demand in the markets exceeds forecasts, it may be possible to reach the $4,000 threshold earlier than 2026.