Gold continues to surge. JPMorgan sees a scenario where it tops $8,000
Gold can continue to rally as private investors increasingly look to the precious metal as an equity hedge, according to JPMorgan. Individual investors could increase their gold exposure to 4.6% of an average portfolio from 3%, managing director Nikolaos Panigirtzoglou told clients in a Wednesday report. Such an increase would imply a price of between $8,000 and $8,500 an ounce for the precious metal, he said. Gold set a new record near $5,600 an ounce before retreating on Thursday , one month after gold saw the largest annual increase in 2025 since 1979. The price of the yellow metal has soared as investors have sought a safe-haven asset amid rising geopolitical tensions and as central banks around the world have bought large amounts of gold in an attempt to diversify their dollar-heavy reserve holdings. “The allocations to gold by both private investors and central banks continue to grind higher,” Panigirtzoglou wrote. “We continue to see more upside over the coming years.” @GC.1 1Y mountain Gold, 1-year Panigirtzoglou’s $8,000-$8,500 price range implies gold could climb more than 40% from current levels. He said households have been replacing long-duration bond holdings with gold, a trend he predicted is likely to continue. Data also suggests that gold has been favored over bitcoin by retail traders , Panigirtzoglou said. But momentum traders have driven prices far into overbought territory for both gold and silver , Panigirtzoglou said. That raises the risk of profit taking or a mean reversion in the near term, he added. What’s more, gold has recently shown “more robust liquidity and market breadth” than either silver or bitcoin.
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