Gold could hit the $10,000 mark, says JPMorgan CEO

JPMorgan CEO Jamie Dimon signalled a striking reversal on gold, saying the precious metal “could easily go to $5,000 or $10,000 in environments like this,” even though he’s “not a gold buyer.”

Dimon, historically cautious about gold, emphasised that “this is one of the few times in my life it’s semi-rational to have some in your portfolio.” He noted that asset prices are “kind of high across almost everything at this point,” signalling that equities, bonds, and real estate all appear overvalued, according to a report in a section of the Indian media.

HSBC on Friday raised its 2025 average gold price forecast by $100 to $3,455 per ounce, citing geopolitical tensions, economic uncertainty, and a weakening US dollar, and projected prices could reach $5,000 in 2026.

"Gold rally likely sustained through 1H'26 by geopolitical risks, economic policy uncertainty and rising public debt," the bank said in a note. Unlike past rallies, HSBC believes many of the new entrants to the gold market are likely to remain even after the rally subsides – not necessarily for price gains, but for gold's role as a diversifier and safe-haven asset.

While the US Federal Reserve's rate-cutting cycle is expected to support gold prices, its positive impact tends to fade as the cycle wanes, the bank noted. Gold prices scaled another record high at $4,378.69 on Friday and the precious metal was headed for its biggest weekly gain since December 2008, as geopolitical and economic uncertainty along with growing US rate cut bets drove investors to the safe-haven metal.

ANZ, meanwhile, on Thursday forecast gold will peak near $4,600 per ounce by June 2026, followed by a gradual decline in the second half as the Fed concludes its easing cycle and clarity emerges on US economic growth and trade tariff policies.

Gold may touch Rs1.5 lakh per 10 grammes in India by 2026: Report

Gold has generated returns of approximately 63 per cent in rupee terms and 53 per cent in dollar terms since last Dhanteras, and a possible rally towards Rs.1.5 lakh per 10 grammes is possible by 2026, a report said on Friday.

Dovish signals from the US Federal Reserve, ETF inflows, and central bank purchases are driving the surge in gold, the report from Ventura Securities said.

Gold prices have skyrocketed since March 2025, rising from $3,000 an ounce to around $4,254. In India, prices increased from Rs78,840 per 10 grammes on Dhanteras 2024 to Rs128,200 currently.

"Starting the next rally from Dhanteras 2025, the uncharted territory of $5,000 per ounce or Rs 1,50,000 per ten grammes could be in 2026,” the report noted.

N.S. Ramaswamy, Head of Commodities & CRM, Ventura, highlighted rising downside risks to the US labour market warranting rate cuts.

"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 signalled that rising labour market risks justify another rate cut," said Ramaswamy.

The US is increasingly facing the challenge of their debt servicing, with the national debt climbing to $37 trillion, he added.

Trade tensions between the United States and China escalated as the latter announced tighter export restrictions on rare earth metals and magnets, being the world's largest suppliers of these critical resources. Meanwhile, the United States has announced an additional 100 per cent tariff on Chinese imports, on top of the existing 30 per cent, which has boosted demand for gold.

With these tailwinds, gold has had a record run of eight weekly gains. The rise in gold prices is fuelling investor confidence and a strong sense of FOMO, as every pullback is being met with aggressive buying, the report noted.

Agencies