Gold’s long-term outlook is being shaped not by short-term macro cycles, but by structural shifts in how global reserves are managed. According to JPMorgan, these forces could ultimately drive gold prices as high as $8,000 per ounce by 2030, a level that would represent a fundamental re-rating of the metal’s role in the global financial system.
Gold is currently sitting in the mid-$4,000 per ounce range. JPMorgan views this move not as a speculative peak, but as an early phase of a longer structural trend.
Gold’s price over the past week (Source: CoinCodex)
At the center of the bank’s bullish thesis is persistent central bank demand. Official-sector gold purchases reached more than 1,000 tonnes in 2024, according to World Gold Council, continuing a buying streak that has now lasted more than a decade. JPMorgan argues that this demand is strategic, not tactical. Central banks are looking for reserve assets that are politically neutral, free from counterparty risk, and insulated from sanctions or currency debasement.
The $8,000 scenario also hinges on changes in private portfolio allocation. JPMorgan’s analysis suggests that if global investors increase gold exposure from roughly 3% of portfolios to around 4.6%, the resulting demand would overwhelm available supply. Because gold production responds slowly to price signals, the market would need to clear through sharply higher prices.
Crucially, this is not a crisis-driven forecast. JPMorgan frames the $8,000 target as the outcome of permanent portfolio rebalancing in a world of fragmented trade, rising geopolitical risk, and declining confidence in fiat reserve dominance.
In that context, gold’s projected upside is not due to speculation, but its re-emergence as a core monetary asset through the end of the decade.
Source: https://coinpaper.com/14237/gold-price-prediction-could-gold-hit-8-000-as-jp-morgan-says
