Wedoany.com Report on Feb 3rd, JPMorgan recently released a report maintaining its bullish outlook on gold, forecasting the price to reach $6,300 per ounce by year-end. Analysts at the bank noted that the market is broadly shifting towards hard assets, with the outperformance of physical assets over paper assets providing support for gold.

This gold price forecast comes after gold experienced a significant correction. Last Friday, the price of gold fell by over 10% in a single day, having previously reached a record near $5,600 per ounce. Market analysts suggest that certain policy adjustments have affected investor preference for safe-haven assets, while a stronger U.S. dollar has also put pressure on dollar-denominated gold.

The JPMorgan strategy team further projected that if the private sector increases its allocation to gold, prices could be pushed as high as $8,000 per ounce by the end of the decade. The report emphasized that central banks are expected to continue being major buyers of gold, with analysts estimating central bank gold purchases will reach 800 tonnes again in 2026.

Gold prices continued to fluctuate during Monday's trading session, falling 4% to around $4,600 per ounce around midday before partially recovering. So far this year, gold is still up 12% cumulatively.

Regarding silver, JPMorgan holds a relatively cautious stance. Silver rapidly retreated after hitting a new high last week, falling from $120 to $70 per ounce. Analysts stated, "The drivers for sustained upside have become harder to identify and quantify, making us more cautious." Due to the lack of structural central bank support similar to gold, there is a risk of the gold-to-silver ratio rising again. The current estimated price floor for silver is in the $75-$80 per ounce range.