"Commodity" JPMorgan Private Bank expects prices to reach $5,200 to $5,300 by the end of next year

According to a report by Bloomberg, Alex Wolf, Global Head of Macro and Fixed Income Strategy at JP Morgan Private Bank, stated that driven by central bank purchases in emerging market economies, gold prices could reach USD 5,200 to 5,300 per ounce by the end of next year. He pointed out that the scale of gold in many central banks' foreign exchange reserves remains relatively small, especially in emerging markets. The bank still sees central banks increasing their holdings, even though rising gold prices may slow down the pace of accumulation.

Gold prices rose to a new high of USD 4,380 per ounce last month, and despite a recent pullback, gold prices have still increased by over 50% this year. According to statistics from the World Gold Council, global central banks accumulated a total of 634 tons of gold in the first three quarters of this year, marking the lowest amount of accumulation in the past three years, but still significantly higher than the average in 2022 or earlier. The Council expects global central banks to accumulate between 750 to 900 tons of gold this year