Gold is emerging as one of the strongest performers in global markets, with J.P. Morgan highlighting conditions that could push prices to $3,150 an ounce by the end of 2025. The bank points to a combination of drivers: central banks remain consistent buyers, retail demand is growing, and investor interest is being reinforced by geopolitical uncertainty.
Macro dynamics are also shifting in gold’s favor, J.P. Morgan notes. The U.S. dollar is still trading 10–15% above fair value and expected to weaken, while real yields appear to have peaked. These factors, combined with lingering political risks, are creating a supportive backdrop for gold. Despite bouts of volatility—including a 40% slump between 2011 and 2015—gold has returned roughly 8% annually over the past two decades.
“For long-term investors, gold merits a position in a diversified portfolio, potentially serving as short-term protection against risk events, a reliable longer-term store of value and most importantly as a portfolio risk diversifier,” says Stephen Jury, Vice Chairman, J.P. Morgan Private Bank.
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