JP Morgan has issued a bullish forecast for gold prices, predicting they will surpass US$4,000 per ounce by the average of 2026. The bank estimates an average gold price of $3,675 per ounce by the end of Q4 2025. This forecast hinges on sustained strong demand from investors and central banks, averaging about 710 tonnes quarterly. However, any significant drop-off in central bank demand poses a risk to these projections.