Reuters convey the info from a JP Morgan note:

  • forecast gold prices above US$4,000 per ounce by 2026
  • average $3,675/oz by 4Q25
  • risks skewed towards an earlier overshoot of these forecasts if demand surpasses its expectations
  • "Underpinning our forecast for gold prices heading towards $4,000/oz next year is continued strong investor and central bank gold demand averaging around 710 tonnes a quarter on net this year,"
  • an unexpected drop off in central bank demand remains the biggest fundamental risk
gold ingots
Source: Forex Live