Is $4,000 Gold “Just Around the Corner”? JPMorgan Analysts Think So

Wall Street continues to raise its bullish outlook on gold as the precious metal reaches new heights.

Bank of America has increased its price target from $3,000 to $3,500 per ounce over the next 18 months, based on projections of 10% growth in investments through increased buying from China, central banks, and physically backed ETFs.

This follows Macquarie Group’s similar $3,500 forecast for Q3 2025.

JPMorgan analysts have noted the unprecedented speed of gold’s price increases, with the move from $2,500 to $3,000 taking just 210 days compared to the historical average of 1,700 days for $500 increments. They suggest $4,000 might be “just around the corner.”

The surge is driven by multiple factors, including President Trump’s trade policies (particularly recent auto tariffs), a weakening US dollar, and a “structural change” in gold demand following the freezing of Russian assets after the Ukraine war.