Despite recent choppiness, several factors led the bank to lift its 2026 outlook.
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Market watchers told CNBC they see more upside ahead for the precious metal.
The Wall Street investment bank said it remains bullish on gold, "with a short-/medium-term target of US$4,000/oz."
The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
The bank is hiking its 2026 year-end price target for the yellow metal after the drawdown.
Gold just won't stop going higher.
JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs…
