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Gold extended its rally after JPMorgan Chase raised its end-2026 price target to $6,300 per ounce, reinforcing bullish sentiment across the metals market.
Futures climbed 0.6% to $5,205.80, while spot gold gained around 0.7%, recovering from earlier weekly weakness. By Wednesday morning, spot prices hovered near $5,185, maintaining strong upward momentum.
The move comes amid renewed trade tensions. During his State of the Union address, Donald Trump reaffirmed his tariff strategy. A 10% global import tariff has already been implemented under Section 122 authority, with discussions reportedly underway about raising it to 15%, adding fresh uncertainty to global markets.
JPMorgan cited sustained central bank buying, steady investor demand, and a slightly weaker U.S. dollar as key drivers behind its upgraded forecast. The bank also lifted its long-term projection to $4,500, signaling confidence in structural strength for the metal.
However, gains were somewhat capped after two Federal Reserve officials suggested there is no urgency to cut interest rates. A “higher for longer” rate environment typically pressures non-yielding assets like gold, though geopolitical risks continue to offset that headwind.
Elsewhere in metals:
• Silver surged over 3% to $90.44 per ounce
• Platinum jumped 7% to $2,340.10
• Copper edged higher, with London futures moving above $13,000 per ton, supported by early signs of demand recovery in China
Despite rate pressure, gold remains supported by trade friction, macro uncertainty, and institutional conviction — keeping the broader bullish narrative intact.

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