Gold Forecast 2029: Is Gold moving towards $6,000 to $6,000? Analysts are prepared for you

According to the report, gold prices have already shed tears, and the run could be long distances, according to a report. The bank’s latest research report shows that gold may increase to $6,000 per ounce by 2029.

The gold rally is not over yet

This is an 80% increase over the current price of about $3,300. According to JP Morgan’s estimates, even if only 0.5% of foreign-owned U.S. assets are redistributed to gold, this will result in an annual gain of 18%, and ultimately send the price to $6,000.
According to Fortune, the reason for this is that there is not much supply of gold, so even a moderate increase in demand can lead to a huge price.
“Although assumptions, this situation illustrates why we are structurally bullish on gold and think prices run further,” JP Morgan analysts wrote.

What triggered this trend?

This year, gold has risen above 20%, and until now, according to the report, its price has doubled in three years.

According to the report, Russia invaded Ukraine and caused strict financial sanctions based on the report, the change began in 2022. Western countries have frozen Moscow’s dollar and euro reserves, warning other central banks that their own foreign currency holdings may be threatened, Fortune reported. In response, they purchased gold as a safer store of value. This trend was driven only by high inflation and increased government deficits, and Gold’s rally accelerated further when U.S. President Donald Trump returned to the White House. According to the report. “His trade war puts pressure on U.S. financial markets, and his public battle with Fed Chairman Jerome Powell has created uncertainty,” JPMorgan analyst warned.

Potential gold demand explosion

The bank calculated that if foreign owners transfer only 0.5% of their U.S. stake in gold, according to the report, it would transfer about $273.6 billion in funds to the gold market, about 2,500 metric tons in four years. Although it accounts for only 3% of the world’s total gold holdings, analysts say that this will still lead to a huge surge in demand quarter, Fortune reported.

FAQ

Why is there so much gold?
Gold has increased due to global uncertainty, inflation and concerns about U.S. financial stability.

How high is gold hit?
JPMorgan predicts that gold will reach $6,000 per ounce by 2029, according to Fortune.