J.P. Morgan Private Bank expects the price of gold to reach $6,300 per ounce this year.

JPMorgan Private Bank stated that thanks to gold being a preferred diversified asset to counter global fragmentation, geopolitical uncertainty, and inflation risks, the price of gold is expected to rise to $6000 to $6300 per ounce by the end of this year. The bank's February global investment strategy report shows that the main driving factors for raising gold expectations include central bank purchases, macroeconomic uncertainty, and potentially increased retail participation. "Against the backdrop of persistent macroeconomic uncertainty, we expect central banks and investors to continue to increase their allocation to gold, leveraging its risk diversification properties to address various risks at the geopolitical, inflation, and policy levels."