According to The Economic Times, world gold prices recently recorded the deepest drop in 33 years, since 1983, but that did not change major financial institutions' long-term views.
Despite the sharp drop in gold prices in the trading session on January 30, 2026, JP Morgan still forecasts that gold prices will set a new record high by the end of 2026. According to the organization's assessment, the price of one ounce of gold could reach 6,300 USD/ounce by the end of 2026.
One of the factors mentioned by JP Morgan in the forecast is the US President's nomination of former Federal Reserve (Fed) Governor Ted Walsh as Fed Chairman. This information immediately impacted the financial market, causing gold futures contract prices to increase by 0.9% in the trading session on February 2.
In its latest report, JP Morgan said that although the gold market is facing strong fluctuations in the short term, the medium-term outlook for this precious metal is still very positive.
Even when gold prices fluctuate sharply in the short term, we still maintain a firm optimistic view of gold in the medium term, based on the trend of structural and sustainable asset diversification, in the context that real assets continue to outperform paper assets" - JP Morgan said.
Not only forecasting a sharp increase in gold prices, JP Morgan also believes that physical gold demand will continue to be high. According to the bank's estimates, gold sales in 2026 could exceed 800 tons, reflecting strong demand from both institutional investors and central banks.
In fact, gold prices have accumulated significant value in recent years, despite short-term corrections. According to data from the World Gold Council, in 2025, gold set 53 new historical peaks. Total global gold volume exceeded the 5,000-ton mark for the first time in history.
Also in 2025, the average annual gold price increased by 44% compared to 2024, closing the year at 3,431 USD/ounce. This development shows that the long-term upward trend of gold is still maintained, although the market cannot avoid strong corrections.
JP Morgan is not the only organization to make optimistic forecasts about gold price prospects in 2026.
Deutsche Bank also believes that gold prices could exceed 6,000 USD/ounce by the end of 2026. Meanwhile, UBS forecasts gold prices could reach 6,200 USD/ounce, while Société Générale gives a forecast of about 6,000 USD/ounce.
These new forecasts are all significantly higher than previous assessments by many major financial institutions.
Previously, Morgan Stanley once said that gold prices could reach 5,700 USD/ounce, Goldman Sachs forecast 5,400 USD/ounce, and Citi gave a level of 5,000 USD/ounce for the same period.
The above forecast figures show that, despite just experiencing the strongest price drop in more than 3 decades, gold is still assessed by many leading experts and financial institutions as an asset with strong price potential in 2026, especially in the context of the global market continuing to fluctuate and the trend of seeking safe-haven assets still existing.
World gold price at 6 pm on February 5 traded at 4, 882.38 USD/ounce.
Regarding domestic gold prices in the Vietnamese market, SJC gold bar prices traded around 174.2 - 177.2 million VND/tael (buying - selling). Bao Tin Minh Chau 9999 gold ring prices traded around 174.2 - 177.2 million VND/tael (buying - selling).
