Gold Will Reach $6,300 an Ounce by Year-End, JP Morgan Says

JP Morgan said late on Sunday it expects demand from central banks and investors to drive gold prices to $6,300 per ounce by year-end. Gold slid to about $4,677 an ounce after a sharp selloff from last week’s record high of $5,594.82. Forecasts say that central banks will buy 800 tons of gold in 2026, due to ongoing reserve diversification. Silver, now around $80 an ounce, faces a less clear rally, prompting a more cautious outlook. Spot silver fell over 6% to $78.90 an ounce on Monday. It hit a record high of $121.64 on Thursday before touching a near one-month low on Friday. JP Morgan said silver lacks central bank support seen in gold, risking a higher gold-to-silver ratio, but added prices are likely to hold a higher floor around $75–$80 an ounce despite potential pullbacks.