---
title: "JPMorgan cuts gold forecast but sees year-end rally"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286754048.md"
description: "JPMorgan has revised its 2026 average gold price estimate downward but remains optimistic about a year-end rally due to anticipated increases in investor and central bank demand. In contrast, while JPMorgan expects silver to average $90 per ounce in Q4, UBS forecasts weaker demand. Recently, gold and silver prices fell, with gold reaching a one-month low amid rising oil prices and yields."
datetime: "2026-05-18T10:21:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286754048.md)
  - [en](https://longbridge.com/en/news/286754048.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286754048.md)
---

# JPMorgan cuts gold forecast but sees year-end rally

Forecast revision: JPMorgan trimmed its 2026 average gold price estimate but maintained a bullish year-end outlook, expecting a rebound in investor and central bank demand. Silver outlook split: While JPM sees silver averaging $90 per ounce in Q4, UBS projects weaker demand and a smaller market deficit than previously forecast. Market backdrop: Gold and silver prices recently dipped, with gold hitting a one-month low, as rising oil prices and yields created conflicting pressures.

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