Bank

J.P. Morgan Gold and Silver Price Forecast

7
Calls on record: 0
Reached: 7
Still open: 23 Oct 2025
Tracked since

About J.P. Morgan

J.P. Morgan is one of the largest banks in the world, based in New York, and one of the major banks in the London bullion market. Its research arm, J.P. Morgan Global Research, publishes forecasts for gold, silver and other commodities.

Its metals forecasts are usually given as an average price for a quarter or a year, and look one to two years ahead. We track each published forecast and compare it with the real price.

Silver calls

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Dark line: silver price in US dollars per ounce. Each dot is one call at its target date and price, joined in the order the calls were made. Hover a dot for the details.

Said on	Prediction	Silver then	Result
13 Aug 2026J.P. Morgan	$70 on average, 1 Jan 2026 to 31 Dec 2026	$65.39	Open
13 Aug 2026J.P. Morgan	$63 on average, 1 Oct 2026 to 31 Dec 2026	$65.39	Open
13 Aug 2026J.P. Morgan	$63 on average, 1 Jan 2027 to 31 Dec 2027	$65.39	Open

Gold calls

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Open, bank
Reached
Target date passed

Dark line: gold price in US dollars per ounce. Each dot is one call at its target date and price, joined in the order the calls were made. Hover a dot for the details.

Said on	Prediction	Gold then	Result
9 Jun 2026J.P. Morgan Global Research	$6,000 on average, 1 Oct 2026 to 31 Dec 2026	$4,317	Open
9 Jun 2026J.P. Morgan Global Research	$6,300 on average, 1 Oct 2027 to 31 Dec 2027	$4,317	Open
23 Oct 2025Kitco News	$5,055 on average, 1 Oct 2026 to 31 Dec 2026	$4,117	Open
23 Oct 2025Kitco News	$6,000 between 1 Jan 2028 and 31 Dec 2028	$4,117	Open

Forecast notes

Bank

J.P. Morgan: Silver Price Forecast for 2026 and 2027

J.P. Morgan · 13 Aug 2026 · Source

Silver: bearishGold: neutralCentral banksFed and ratesGold silver ratioIndustrial demandPhysical market

J.P. Morgan expects silver to average $70.6/oz in 2026 and $63.9/oz in 2027, with a $63/oz average in Q4 2026.
The bank cut its 2026 average forecast from $84 to $70 after silver prices fell from early-year highs.
Physical-market tightness is unwinding, which could make silver fall more sharply than gold on weak-gold days.
Solar-related silver demand could drop about 30% in 2026, or roughly 60 million ounces, as China destocks and thrifting spreads.
Higher interest rates could reduce demand for non-yielding silver; J.P. Morgan expects the gold-silver ratio near 70 in late 2026 and 75 in 2027.

Silver $70 on average, 1 Jan 2026 to 31 Dec 2026Open

“averaging $70/oz for the year and $63/oz in 2027”

Silver $63 on average, 1 Oct 2026 to 31 Dec 2026Open

“J.P. Morgan Global Research forecasts the price of silver will reach $63 per ounce in the fourth quarter (Q4) of 2026”

Silver $63 on average, 1 Jan 2027 to 31 Dec 2027Open

“averaging $70/oz for the year and $63/oz in 2027”

Bank

J.P. Morgan: Gold Price Predictions for 2026 and 2027 I J.P. Morgan Global Research

J.P. Morgan Global Research · 9 Jun 2026 · Source

Gold: bullishCentral banksChina and AsiaFed and ratesGeopoliticsInflation

J.P. Morgan expects gold to average $6,000 per ounce in the fourth quarter of 2026 and reach about $6,300 by the fourth quarter of 2027.
The forecast is supported by geopolitical fragmentation, U.S. fiscal concerns, inflation risks and possible diversification away from dollar assets.
Chinese gold imports and central-bank purchases may be stronger than reported data suggest, while Chinese insurers could become an additional source of physical demand.
The main downside risk is a stronger U.S. economy with persistent inflation that prompts the Federal Reserve to keep raising rates and drives Western ETF outflows.

Gold $6,000 on average, 1 Oct 2026 to 31 Dec 2026Open

“J.P. Morgan Global Research forecasts prices per ounce to average $6,000/oz by the final quarter of 2026, rising toward $6,300/oz by the end of 2027.”

Gold $6,300 on average, 1 Oct 2027 to 31 Dec 2027Open

“J.P. Morgan Global Research forecasts prices per ounce to average $6,000/oz by the final quarter of 2026, rising toward $6,300/oz by the end of 2027.”

Bank

J.P. Morgan: JP Morgan sees gold prices averaging $5,055 per ounce by late 2026

Kitco News · 23 Oct 2025 · Source

Gold: bullishCentral banksFed and ratesInflationInvestment demandUS dollar

J.P. Morgan expects gold to average $5,055 per ounce in the fourth quarter of 2026 and maintains a $6,000 target for 2028.
The bank bases its forecast on investor demand and central-bank buying averaging about 566 tonnes per quarter during 2026.
Expected Federal Reserve rate cuts, stagflation concerns, doubts about Fed independence and currency-debasement hedging support the bullish outlook.
J.P. Morgan says foreign investors are shifting small allocations from U.S. assets into gold, describing this as dollar diversification rather than de-dollarization.
The bank views the recent consolidation as a healthy pause after rapid gains, with strong buying and limited selling still supporting prices.

Gold $5,055 on average, 1 Oct 2026 to 31 Dec 2026Open

“forecasting prices could reach an average of $5,055 per ounce by the fourth quarter of 2026.”

Gold $6,000 between 1 Jan 2028 and 31 Dec 2028Open

“She reiterated a long-term target of $6,000/oz by 2028”

These are the opinions of J.P. Morgan, collected from public interviews and published forecasts. They are for information only and are not investment advice.