Gold Prices Set To Hit $4,000 Next, Says JPMorgan As Safe-Haven Asset Shines On Trump Tariff-Induced Market Meltdown

The tear in gold prices comes at a time when President Donald Trump has ramped up his attacks against Federal Reserve Chair Jerome Powell.

JPMorgan analysts have reportedly stated that the next target for gold prices is $4,000, as the asset’s rally this year is not yet over, in the wake of economic uncertainties surrounding Trump’s tariffs.

According to a note seen by CNBC, the brokerage expects gold to reach $4,000 by the second quarter of 2026.

Spot gold prices stood at $3,407 an ounce at the time of writing, after surging to $3,499.92 earlier in the day.

In April alone, gold prices have surged by a whopping 9.5%, while the year-to-date gains stood at almost 30%.

“Tariff-driven recession and stagflation risks are forecasted to continue to supercharge gold’s structural bull run,” said Gregory Shearer, JPMorgan’s head of base and precious metals research.

The tear in gold prices comes at a time when President Donald Trump has ramped up his attacks against Federal Reserve Chair Jerome Powell.

While Trump has publicly put pressure on Powell before to cut rates, he sharpened his attacks over the past few days, berating Powell on his social media platform, Truth Social.

Trump initially called Powell’s rate actions “too late and wrong” last week, and later called him a “major loser.”

The President’s public outbursts have negatively impacted the performance of U.S. equities – the Dow Jones index is down 8.8% over the past month, while the S&P 500 index has declined 9.1%.

The tech-heavy Nasdaq 100 index experienced a steeper decline, falling 10.6% during the same period.

Amid this, investors have flocked to gold, which is considered a safe-haven asset.

Earlier, Goldman Sachs increased its price target for gold amid growing recession risks, expecting the asset to reach $3,700 by year-end.

Amid rising tariff-induced concerns, the SPDR S&P 500 ETF Trust (SPY) was up 1.9%, while Invesco QQQ Trust (QQQ) gained 2.1%.

The SPDR Gold Shares ETF (GLD) was down 0.70% at the time of writing.

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