Gold May Touch ₹2.13 Lakh per 10 Grams? JPMorgan Sees Strong Upside Ahead

Gold prices may not have delivered major gains so far in 2026, but global investment bank JPMorgan believes the precious metal still has significant room to rise.

After a remarkable 65% rally in 2025, gold has largely traded within a narrow range this year. Despite the lack of momentum, JPMorgan remains bullish and expects gold prices to climb substantially over the coming months.

According to the bank, gold could average $6,000 per ounce by the fourth quarter of 2026 and reach $6,300 per ounce by the end of 2027. If achieved, this would represent an increase of nearly 40% from current levels.

Why Has Gold Slowed Down?

The biggest challenge for gold in 2026 has been geopolitical uncertainty, particularly tensions involving the United States, Israel, and Iran.

The conflict triggered a sharp rise in crude oil prices, raising concerns about inflation. This, in turn, led investors to believe that the U.S. Federal Reserve may keep interest rates higher for longer.

Since gold does not generate interest income, higher interest rates often make bonds and other fixed-income investments more attractive, reducing demand for the yellow metal.

Apart from interest-rate concerns, factors such as a strong U.S. dollar, inflation trends, central bank policies, and global economic uncertainty have kept gold prices moving within a limited range.

Investors Waiting for the Next Move

JPMorgan notes that gold is currently caught between two important technical levels. Strong support is being provided by the 200-day moving average, while resistance remains near the 50-day moving average.

As a result, many investors are adopting a wait-and-watch approach until gold breaks out of its current trading range.

What Could This Mean for India?

Gold is currently trading at around ₹1.53 lakh per 10 grams on the MCX.

If international gold prices rise by the 40% projected by JPMorgan, domestic gold prices could potentially climb to around ₹2.13 lakh per 10 grams, assuming currency exchange rates and import duties remain relatively stable.

Outlook

JPMorgan expects gold to gain momentum during the second half of 2026. However, market experts advise investors to avoid making rushed decisions and instead monitor technical indicators and global developments closely.

Continued gold purchases by central banks worldwide could provide additional support and help drive prices higher in the months ahead.

For now, investors are watching closely to see whether gold can break out of its current range and begin its next major rally.