JPMorgan has lifted its 2026 gold price target to $6,300 an ounce, citing robust demand from central banks and investors. The bank’s analysts argue that the gold market remains in a structural rally, with central bank purchases and ETF inflows driving the trend.

Central banks bought roughly 230 tonnes of gold in Q4, bringing 2025 purchases to about 863 tonnes as prices topped $4,000. JPMorgan now projects 800 tonnes of central bank demand in 2026, underscoring a continued shift toward reserve diversification.

Silver, however, faces a more uncertain path. Analysts warn that without central bank buying, the metal could see a deeper shakeout, though they still see a floor of $75‑$80 an ounce. The silver forecast carries a high margin of error.

For investors, the outlook signals a continued role for precious metals as a hedge against macro volatility. Watch how central bank policies and ETF flows evolve, as they will shape the gold and silver markets through 2026 and beyond.