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StocksMedium•25 February 2026•

1 min read

JP Morgan Hikes Long-Term Gold Forecast to $4,500, Names Top Mining Picks

A man in a suit in front of a financial dashboard, with American Express logos, a credit card, gold, and oil derricks on a golden background.

Key Facts

1JP Morgan raised its long-term gold price assumption to $4,500 per ounce.

2The bank identified AngloGold Ashanti (AU) and Fresnillo (FRES) as top picks in the mining sector.

JP Morgan has significantly raised its long-term gold price assumption to $4,500 per ounce, signaling a highly bullish outlook for the precious metal. Alongside the revised forecast, the bank identified AngloGold Ashanti (AU) and Fresnillo (FRES) as its top picks within the mining sector. The recommendations are driven by strong mark-to-market upgrades and the potential for significant cash returns to shareholders. Analysts highlighted that these specific miners are well-positioned for market re-ratings as gold prices continue to trend higher. The bank anticipates that the improved financial performance of these companies will lead to enhanced valuation multiples and stronger balance sheets. This strategic update underscores a growing institutional confidence in the long-term value proposition of gold-linked equities amid global economic shifts.