JPMorgan’s Q4 Gold Target Was Just Crossed: Is $5,000 Next?

Spot gold traded just under $4,500 an ounce on Thursday, close to a two-month high. Prices touched $4,525 earlier in the session after gaining more than 4% on Wednesday. JPMorgan's near-term target for gold in the fourth quarter of 2026 is $4,500 per ounce, a downward revision from its earlier projection of $6,000

The US Treasury doubled its long-bond buyback size on Wednesday, pushing yields lower. That move revived talk of gold reclaiming $5,000 before 2026 ends.

JPMorgan's Moving Target

Gold set an all-time high above $5,300 in February 2026 before retreating sharply this spring. The pullback pushed prices roughly 25% below that peak by May, ahead of this week's rebound.

Gold's climb toward $4,525 puts it near a level JPMorgan no longer expects to hold. The bank's own price target has swung sharply over the past year.

JPMorgan Global Research kept a $6,000 year-end target in mid-2026. The bank still trimmed its full-year average estimate to $5,243, down from $5,708. It then cut that Q4 forecast by roughly 25% in July.

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