Morgan Stanley Predicts Gold Price to Average Over $5000 in 2026, Long-Term Bullish Towards $6000

BlockBeats News, October 23rd, J.P. Morgan analysts maintained their bullish view on gold on Thursday, expecting the average gold price to reach $5,055 per ounce by the fourth quarter of 2026. The bank pointed out in its research report that this forecast is based on the premise that "the average quarterly investor demand and central bank gold purchases will remain at 566 tonnes in 2026." Natasha Kaneva, J.P. Morgan's Global Head of Commodity Strategy, stated that "gold remains our highest-conviction bullish allocation for this year, as the market enters a Fed rate cut cycle, providing further upside to the gold price." Gregory Shearer, Head of Fundamental and Precious Metals Strategy, added, "The Fed rate cut cycle, combined with stagflation concerns, worries about Fed independence, and currency devaluation risks, collectively form a bullish backdrop for gold." Analysts believe that the recent market consolidation is a healthy phenomenon, with Kaneva stating, "The pullback reflects the market digesting the rapid advance since August... It is normal to feel apprehensive in the face of such a rapid rise, which fundamentally stems from a supply-demand imbalance—a crowded buyer side and scarce sellers." She reiterated the long-term target of $6,000 per ounce by 2028, emphasizing that the gold trend should be viewed from a multi-year perspective. (FX678)