[JPMorgan Predicts Gold Prices May Reach $5,055 Per Ounce by 2026] JPMorgan analysts estimate that by the fourth quarter of 2026, the average price of gold could reach $5,055 per ounce. This prediction is based on the assumption that investor demand and the quarterly average of central bank gold purchases will remain at 566 tons. JPMorgan believes that factors such as the Federal Reserve's rate-cutting cycle, concerns about stagflation, and hedging against currency depreciation will drive gold prices higher, positioning gold as the most confident bullish asset allocation target this year.