Here is JPMorgan's gold and silver price outlook for 2025 and 2026

Source Investing

Investing.com -- JPMorgan expects a near-term downturn for base metals in early 2025 due to potential U.S. tariffs on Chinese goods but sees a rebound later in the year, supported by stronger Chinese economic stimulus and improved valuations.

“While base metals price forecasts have been marked lower due to these tariff concerns, there is an expectation of a favorable risk/reward scenario for investing in base metals in the coming quarters,” analyst said.

JP Morgan’s Greg Shearer lowered the base metals price forecasts, due to tariff concerns and a weakened Chinese yuan.

However, a V-shaped recovery is expected beginning in the second quarter, with copper prices reaching $10,400 per metric ton by year-end and aluminum climbing to $2,850/mt.

Zinc prices are expected to remain stable, while nickel may stay under pressure at $16,000/mt due to oversupply.

For precious metals, JPMorgan (NYSE:JPM) projects gold prices rising to $3,000 an ounce and silver surging to $38/oz by late 2025 as markets stabilize. Platinum is expected to rally to $1,200/oz, driven by supply constraints.

In the iron ore market, JPMorgan highlighted improving fundamentals with a recovery in Chinese steel output and falling inventories. Analyst forecasts iron ore prices at $100/t in 2025, supported by seasonal factors and robust Chinese steel demand, though long-term prices are seen moderating to $80/t.

Risks to the outlook include potential U.S. tariffs, Chinese stimulus measures, and incremental supply from key producers like Vale and Onslow.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Five bullish Shiba Inu (SHIB) Price Predictions for April 2025SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
Author  FXStreet
Apr 16, Wed
SHIB price targets diverge as investors weigh Shibarium L3 upgrades, burn-rate surges, and altcoin market sentiment. Forecasts range from a conservative $0.000012 to a parabolic $0.00030.
placeholder
Gold price slides back closer to $3,300 amid positive risk tone, modest USD uptickGold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
Author  FXStreet
21 hours ago
Gold price (XAU/USD) trades with a negative bias for the second consecutive day, though it lacks bearish conviction and holds above the $3,300 mark during the Asian session on Wednesday.
placeholder
Gold extends consolidation ahead of key US data releasesGold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
Author  FXStreet
19 hours ago
Gold price (XAU/USD) continues to trade in a narrow range around $3,300 on Wednesday as traders await key US economic data, which could become the catalyst for an imminent breakout. 
placeholder
Gold Price Forecast: XAU/USD attracts some sellers below $3,250 on firmer US DollarThe Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
Author  FXStreet
2 hours ago
The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 
goTop
quote