JP MORGAN CHASE(US:JPM) 智通财经网·2025-11-11 02:56Core Viewpoint - JPMorgan Private Bank predicts that gold prices may exceed $5,000 per ounce next year, driven primarily by central bank purchases from emerging market economies [1] Group 1: Price Predictions - The global head of macro and fixed income strategy at JPMorgan, Alex Wolf, forecasts that gold prices could reach between $5,200 and $5,300 by the end of 2026, representing an increase of over 25% from current levels [1] - The bank anticipates that central bank gold purchases will remain robust, with an estimated total of 750 to 900 tons expected in 2025 [1] Group 2: Central Bank Behavior - Many central banks, particularly in emerging markets, have a relatively small proportion of gold in their foreign exchange reserves, which may lead to continued accumulation despite potential slowdowns in buying due to rising prices [1] - Emerging market economies are experiencing budget surpluses, resulting in significant cash flows that need to be reinvested, with a portion likely directed towards gold [1] Group 3: Investor Sentiment - There is an increasing trend among investors to raise their gold holdings, driven by ongoing concerns about fiat currencies, suggesting that even a modest increase in gold allocation could lead to significant demand [1] - According to the World Gold Council, central banks added 634 tons of gold to their reserves in the year ending September, which, while lower than the previous three years, is still significantly above pre-2022 averages [1]