JPMorgan has reiterated its 'overweight' ratings on Fresnillo PLC (LSE:FRES), AngloGold Ashanti (ASX:AGG, NYSE:AU), Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Gold Fields (ADR) (NYSE:GFI), citing a supportive macro backdrop for gold and long-term price forecasts above consensus.
The bank has raised its long-term gold price target to $3,850 per ounce and said it sees scope for the metal to rise above $5,000 by the end of 2026.
Analysts outlined a revised valuation framework, drawing on historical shifts in reserve currency regimes, rising diversification into gold, and the metal’s role as a store of value amid growing US debt.
Recent developments have further strengthened the bank’s conviction in its long-term view, including Nordic pension funds reducing US debt holdings, the Polish central bank increasing gold reserves, and Zambia accepting more tax payments in Chinese RMB.
Among EMEA gold miners, AngloGold and Fresnillo remain JPMorgan’s top picks, supported by mark-to-market upgrades, near-term cash return potential and relative valuation appeal.
The investment bank also remained positive on Endeavour and Gold Fields, citing favourable positioning for an extended gold rally.
JPMorgan said these structural shifts underpin further upside for gold and provide a strong investment case for selected miners with exposure to the metal.