JPMorgan sees $8,000 gold price by decade end

[Ben Graham]

As gold prices continue to smash records, analysts are now assessing the metal’s next potential destination, with JPMorgan outlining scenarios in which it could top the $8,000-an-ounce level in the coming years.

Gold has been off to a strong start this year, gaining by almost a quarter 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, strategists led by Nikolaos Panigirtzoglou said prices could push even higher to $8,000 an ounce 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.

The bank’s view echoes that of its peers. Earlier this month, analysts at Goldman Sachs lifted its year-end gold price target to $5,400 an ounce, also citing growing demand from the private sector.

Global gold demand hits record high in 2025, WGC says

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 US dollar.