JPMorgan Chase & Co. has just published its latest prediction for gold, forecasting

Earlier today, JPM’s Executive Director of Global Commodities Research, Greg Shearer, said that the bank is predicting an average price of $2,175 per ounce in Q4 2024.

“We’re in a very prime place where we think gold ownership and long allocation to gold and silver is something that acts as both a late cycle diversifier and something that will perform as we look to the next sort of 12 / 18 months.” -Greg Shearer, Director Global Commodities Research, JP Morgan Chase & Co., July 26, 2023

According to JPM, gold and silver are “quite agnostic” to soft vs hard landing scenarios, and believes gold can perform well in either scenario (unlike other commodities such as copper, which are more sensitive to various outcomes and rely on economic output).

Shearer concluded that gold offers diversification away from other currencies, saying:

“There’s an eagerness here to really buy in and diversify allocation away from currencies and geopolitical risks have made gold even more appealing to governments.” -JP Morgan Chase