Gold Could Soar to $60000 per Ounce by 2029, JPMorgan Analysts Believe

Given the inelastic supply of gold, JPMorgan analysts believe the precious metal could reach prices of $6,000 per troy ounce by 2029.

JPMorgan analysts have predicted that gold could hit $6,000 per troy ounce by 2029, and a shift of just 0.5% of U.S. assets held abroad into the precious metal could send prices soaring.

The bank stated that this price increase could occur if only 0.5% of the U.S.’s foreign assets shift to gold, a relatively small amount over the next four years. This would involve reallocating funds from other assets to purchase 2,500 metric tons of gold, requiring an investment of $273.6 billion during that period.

JPMorgan analysts’ prediction is not surprising, considering the relatively inelastic supply of gold. They suggest that if only 3% of the total market cap of the metal changes hands, it could produce a price upswing of over 80%.

“While hypothetical, this scenario illustrates why we remain structurally bullish on gold and think prices have further to run,” analysts wrote, highlighting the upside potential of the commodity.

Even with the recent trade war developments, with the Trump administration reaching a half-truce with China, gold has maintained some of the gains registered in 2025. Prices are still over $3,200 per troy ounce, signaling that there is still demand to support this key level.

JPMorgan’s predictions align with what others are saying about gold.

For instance, Frank Holmes, chief executive and chief investment officer of U.S. Global Investors in San Antonio, believes that gold might hit $6,000 during Trump’s second term, considering the large surge in the global money supply.

In this same scenario, bitcoin could reach prices of $150K and even hit $250K, with a supply shock kicking in due to the scarcity of what investors are calling “digital gold.”