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JPMorgan Forecasts Oil to Stay Above $100/Barrel Through 2026 Year-End, Gold Eyed at $6,000/oz

GateNews
CommoditiesMetals
According to Natasha Kaneva, JPMorgan's global head of commodities research, oil prices are expected to remain above $100 per barrel through the end of 2026 if the Strait of Hormuz reopens in June, while gold prices could reach $6,000 per ounce by year-end if actual interest rates decline and central banks resume purchases. Kaneva noted that current commodity markets are heavily influenced by Middle East tensions and the Strait's throughput status. She estimated global central bank gold purchases at 600-650 metric tons annually, down from the pre-conflict forecast of 800-850 tons, as some Middle Eastern central banks have begun selling gold to shore up liquidity amid disrupted oil exports.
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