How gold might eventually reach $6,000, according to JPMorgan

JP Morgan suggests that gold, benefiting from tariff disruptions and geopolitical tensions, has significant potential for growth—especially if foreign buyers increase their investments. The firm anticipates that international institutional investors might be reconsidering their risk appetite for US assets due to the current unstable macroeconomic landscape. This shift could push gold prices to $6,000 by early 2029, should these investors allocate just 0.5% of their foreign US asset holdings to gold. Natasha Kaneva, a product strategist at JP Morgan, noted in a client communication that international investors are starting to reevaluate the “exorbitant privilege” of the US dollar and the concept of safe havens. Although gold holds only a 4% share of the global asset mix, it stands to gain from this transformation. Limited supply growth could significantly influence prices, even with small reallocations of gold. Traditionally, gold serves as a reliable store of value during political and financial instability, having recently peaked in April at over $3,500 per ounce. Since the beginning of the year, gold has surged approximately 26%, with a 5% increase following Trump’s announcement of extensive tariffs on April 2nd. Kaneva expressed optimism, stating, “I think gold and prices need to go up and run more.”