BiyaPay analyst: The big dump is just a technical adjustment, JPMorgan predicts gold prices will reach $5055 and silver prices $56.

According to Deep Tide TechFlow news, on October 24, JPMorgan's commodity team recently stated that the recent big dump in gold is merely a “technical adjustment” and does not change their judgment of a “multi-year structural bull run.” The bank has raised its gold price target for the end of 2026 to $5,055 per ounce, with silver looking at $56. Analysts believe that after the pullback, gold prices have returned to the key support zone of $3,944–$4,000, and it is expected that the buying power from the Central Bank and consumers will re-emerge.

J.P. Morgan pointed out that the core driving force behind the rise in gold prices comes from the continuous inflow of ETF funds. From August to October, global gold ETFs increased their holdings by approximately 268 tons, with an inflow of around $33 billion. It is expected that Central Bank gold purchases will remain high over the next two years, and the expectation of Federal Reserve interest rate cuts will also support gold prices in the long term.

However, JPMorgan's quantitative team warns that the gold ETF options market has seen a record short Gamma imbalance, which may pose a pullback risk in the short term. Overall, JPMorgan believes that the bull run trend for gold and silver remains unchanged, and the pullback may serve to build momentum for the next round of increases.

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