Bullish Outlook for EMEA Gold Mining Sector Amid Strong Demand

JPMorgan has issued a bullish forecast for the Europe, Middle East, and Africa (EMEA) gold mining sector, estimating up to a remarkable 60-90% upside for key miners if gold prices climb to $4,000 per ounce by mid-2026.

This optimistic stance, articulated by strategists under Patrick Jones, reflects surging global demand driven by central banks, retail investors, and institutions seeking inflation hedges amidst geopolitical uncertainties. Despite gains of 20-50% year-to-date for EMEA miners, JPMorgan believes the upward momentum has ample room to continue.

Key Insights Supporting the Bullish Forecast:

• Projected Gold Price Target: $4,100/oz by 2026
• EMEA Miners EBITDA Upside: 40-60% versus consensus for 2026
• Valuation Rerating Potential: 60-90% from today’s prices
• Macro Tailwinds: Inflation, dollar weakness, and global risk hedging

Top Pick and Market Considerations

JPMorgan has raised its price target on Fresnillo (LON:FRES) to £14.50, emphasizing strategic advantages such as a strong balance sheet and execution potential. The bank underscores Fresnillo’s favorable position in a rapidly adaptive market.

This bullish recognition of EMEA miners suggests a growing opportunity for investors seeking exposure in the gold sector, particularly as global economic dynamics influence pricing movements.