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jp morgan forecasts gold prices to exceed 4000 per ounce by 2026

JP Morgan forecasts gold prices to exceed $4,000 per ounce by Q2 2026, driven by rising recession risks and strong demand from investors and central banks, averaging 710 tonnes quarterly. Spot gold recently reached $3,500, while Goldman Sachs raised its end-2025 forecast to $3,700, suggesting potential for $4,500 in extreme scenarios. However, a significant risk remains if central bank demand unexpectedly declines, which could lead to bearish market conditions.

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