The bank said in a note on Tuesday (April 22) that JP Morgan looked at gold prices crossing $ 4,000 per ounces of $ 4,000 per ounce, which has increased the possibility of recession after promoting US tariffs and ongoing US-China trade war.
The bank now hopes that gold prices expect to reach 4Q25 to an average of $ 3,675/OZ, just as the way these forecasts are diagonally diagonally towards the preceding overshoot of these forecasts with risk if the demand crosses its expectations.
The bank said, “The demand for strong investors and Central Bank Gold, underlining our forecast for gold prices moving towards $ 4,000/OZ next year, on average on average on average about 710 tonnes on the net this year, on average,” the bank said.
Spot Gold, which has achieved 29% and 28 record height this year, touched $ 3,500 per ounce for the first time on Tuesday (April 22). Earlier this month, Goldman Sachs had an forecast of its end -2025 gold price to $ 3,700/OZ from $ 3,300, given that in “extreme tail scenario”, gold could trade near $ 4,500/OZ by an end -2025.
The bank said that in the case of potential recession for gold, the unpredictable decline in the central bank’s demand remains the biggest fundamental risk.
Analysts said, “More physically recession will be a scenario where the US economic growth is extremely flexible for tariffs, making the fed too active in fighting the risks of inflation, the markets are motivated for price in hikes.
JP Morgan also predicts more and more headwinds for silver in near-period industrial demand uncertainty, while a “catch-up window” will open in the second half of 2025, which is priced to grow to $ 39/OZ by 2025-ends.
