JPMorgan CEO Jamie Dimon indicated a drastic change of direction on gold, as he claimed that the precious metals “could easily go to $5,000 or $10,000 in environments like this,” even though he’s “not a gold buyer.”
Dimon has always been conservative regarding gold, and he stated that “this is one of the few times in my life it’s semi-rational to have some in your portfolio.”
According to a report in a section of the Indian media, he pointed out that asset prices are “kind of high across almost everything at this point,” pointing equities, bonds, and real estate all appear overvalued.
HSBC increased its 2025 average price of gold outlook by $100 to $3,455 per ounce on Friday, attributing the rise to geopolitical tension, economic uncertainty, and a weaker US dollar, and estimated that prices might go to $5000 in 2026.
In a note, the bank reported that “Gold rally likely sustained through 1H’26 by geopolitical risks, economic policy uncertainty and rising public debt.”
In contrast to other past rallies, HSBC is also of the opinion that most of the newcomers to the gold market will not leave as soon as the rally is over, not because they expect their prices to rise, but because gold is a diversified and safe-haven asset.
Although the rate-cutting cycle applied by the US Federal Reserve is likely to boost the prices of gold, the beneficial effects are likely to dwindle as the cycle declines, as observed by the bank.
Gold prices hit another record high on Friday, and the precious metal was set to experience its largest weekly appreciation since December 2008, as geopolitical and economic apprehension and expanding US rate cut bets eligible investors to the safe-haven metal.
ANZ has predicted that gold will reach its peak of about $4,600 per ounce in June 2026, and then the market will begin to drop slowly as the Fed ends its easing program and there is a clear picture of the US economic growth and tariff trading policies on Thursday.
Reports indicate that gold can reach Rs1.5 lakh per 10 grams in India by 2026.
Since the last Dhanteras, gold has yielded about 63 percent in rupee and 53 percent in dollar terms, and a potential increase of the price to Rs 1.5 lakh per 10 grams can be realized by 2026, a report said on Friday.
The report from Ventura Securities stated that the rush of gold is being fueled by dovish signals by the US Federal Reserve, inflows into ETFs, and central bank buys.
Gold prices have shot up since March 2025, soaring by almost $3,000 per ounce to around $4,254.
The price has gone up since Dhanteras 2024, from Rs 78,840 per 10 grams to Rs 128,200 in India.
The report added that “Starting the next rally from Dhanteras 2025, the uncharted territory of $5,000 per ounce or Rs 1,50,000 per ten grams could be in 2026.”
Head of Commodities and CRM, Ventura, N.S. Ramaswamy pointed to increasing downside risks to the US labor market, which should be addressed by cutting rates.
Ramaswamy reported that “Due to the delay of economic data (employment and inflation) as the US government is on shutdown mode, focus is on FED Chair Powell, who signaled that rising labor market risks justify another rate cut.”
With the national debt soaring to $37 trillion, he added that the US is increasingly finding it difficult to service its debts.
The trade frictions between China and the United States worsened when the latter declared a stricter export ban on rare earth metals and magnets, since they are the largest exporters of these vital materials in the world.
However, the United States has declared an extra 100 percent tariff on imports of Chinese products, on top of the current 30 percent tariff, which has increased the demand for gold.
Gold has recorded a history of eight consecutive gains per week with these tailwinds. The report witnessed the surge in gold prices is driving investor confidence and a sense of FOMO, with every pullback being met with aggressive purchasing.
