The bank is hiking its 2026 year-end price target for the yellow metal after the drawdown.
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"We're in the 4th debasement cycle that started in 2022," wrote Wells Fargo Securities' Ohsung Kwon.
Despite recent choppiness, several factors led the bank to lift its 2026 outlook.
The Wall Street investment bank said it remains bullish on gold, "with a short-/medium-term target of US$4,000/oz."
Analyst David George downgraded the bank.
JPMorgan has found evidence that the market is already worried about central bank independence, with gold futures showing signs…
The precious metal could rise to a price between $8,000 and $8,500 an ounce, the bank said.
