Factbox-JP Morgan raises long-term gold price forecast 15% to $4,500 an ounce

Feb 25 (Reuters) - JP Morgan raised its long-term forecast for gold prices on Wednesday by 15% to $4,500 an ounce, while keeping its 2026 year-end forecast at $6,300.

In a note to ?clients, the bank cited increased central ?bank buying, public announcements of U.S. Treasury divestment and countries shifting revenue bases away ?from the dollar and into Chinese renminbi.

In view of these ?factors, the bank said it upped its ?weighting for the "reserve ?currency paradigm shift" and "significant investor diversification", leading to its long-term forecast of $4,500 an ?ounce.

Macquarie Group (MCQEF) earlier this month lifted ?its average first-quarter 2026 gold forecast to $4,590 an ounce, up from $4,300 previously and hiked its second-quarter estimate ?to $4,300 from $4,200. It also raised ?its ?average 2026 gold price forecast to $4,323 per ounce, compared with an earlier estimate of $4,225.

Spot gold has risen about 20% ?this year, hitting a three-week high of $5,248.89 an ounce on ?Tuesday that was off its January 29 all time high of $5,594.82.

That followed a 2025 surge of more than 64% in the traditional safe-haven metal.

Following is a list of analysts' latest ?gold ?price forecasts (in $ per ounce):

Brokerage/Agen Annual Price Targets? Forecast as

cy Price of

Forecast

? 2026 ? ?

Expects prices

J.P. Morgan* $6,300 reaching $6,300 ?by 4Q26, February

raises long-term gold price 25, 2026

forecast to $4,500

Macquarie $4,323 Expects prices to average February ?5,

Group $4,590 in first quarter and 2026

$4,300 in second quarter

Wells Fargo Expects $6,100-$6,300 by February 4,

Investment end of 2026 2026

Institute*

UBS - Raises target to $6,200 for January 29,

March, 2026

June, and September 2026

Deutsche Bank $5,500 $6,000 in 2026 January 26,

2026

Societe - $6,000 by the end of 2026 January 26,

Generale 2026

Morgan Stanley $4,600 Bull case is $5,700 for January 23,

second half of 2026 2026

Goldman Sachs? - $5,400 by December 2026 January 22,

2026

Citi Research $5,000 Raises 0-3 month ?price January 13,

target to $5,000? 2026

HSBC $4,587 $4,450 by year-end 2026 January 8,

2026

ANZ $4,445 $4,400 by year-end and October 16,

$4,600 by June 2026 2025

Bank of $4,438 2026 gold outlook raised to October 13,

America $5,000 2025

Standard $4,488 ?- October 13,

Chartered 2025

Commerzbank $4,900 $4,800 ?by mid-2026 January 13,

2026

*end-of-period forecasts

(Reporting ?by Noel John and Anjana Anil in ?Bengaluru;Editing by Elaine Hardcastle)