The surge in gold prices breaking historical highs has triggered a wave of bullish scenario studies on Wall Street.

JPMorgan believes that if private investors continue to increase their allocations in the coming years, the price of gold could eventually far exceed current levels. In a research report, JPMorgan strategists outlined an upward trajectory, stating that by the end of this decade, the price of gold could reach around $8,000 per ounce, provided that private sector demand continues to grow. The bank’s scenario assumes that investors will raise the proportion of gold in their investment portfolios from about 3% to approximately 4.6%. This shift would represent a large-scale reallocation into gold and implies significant upside potential for gold prices compared to recent levels. For the market, the key question is whether investment inflows can remain strong enough to offset the sensitivity brought by fluctuations in real yields, the US dollar, and risk sentiment—even within a structurally bullish trend, these variables can still trigger sharp volatility.