The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
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Futures tied to the precious metal hit a high of $4,530.80 per ounce on Tuesday — the first time it ever traded above $4,500.
Market watchers told CNBC they see more upside ahead for the precious metal.
Spot gold eclipsed $5,100 an ounce for the first time ever — and could run even further.
JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs…
Despite recent choppiness, several factors led the bank to lift its 2026 outlook.
"We're in the 4th debasement cycle that started in 2022," wrote Wells Fargo Securities' Ohsung Kwon.
