Gold may hit $4,000 on geopolitical tensions: JPMorgan

Gold bars

Gold could surpass $4,000 an ounce in the next 12 months, strengthening gains after climbing by more than 30% year to date, JPMorgan analysts said, citing geopolitical tensions.

Recession risks and tariff-driven inflation are expected to keep lifting gold prices, Gregory Shearer, Head of Base and Precious Metals Strategy at JPMorgan, wrote in a research note quoted by CNBC.

He said demand from central banks, investors, and exchange-traded funds (ETFs) will likely remain high amid global economic uncertainty.

Shearer called gold the “ultimate hedge” for 2024 and 2025, backed by stagflation, a weaker dollar, and US monetary and trade policy risks.