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.
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.
