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Jinse Finance reported that JPMorgan Private Bank stated that the strong upward momentum of gold could push its price above $5,000 per ounce next year, mainly driven by continued purchases from central banks in emerging market economies. Alex Wolf, the bank's Head of Global Macro and Fixed Income Strategy, pointed out that gold prices could reach $5,200 to $5,300 by the end of 2026, more than 25% higher than current trading levels. Global central bank gold purchases have become a key driving force behind the sharp rise in gold over the past two years. Policymakers seeking a store of value and asset diversification pushed gold prices to a historic high of over $4,380 in October this year. Although prices have retreated in recent weeks, they are still up more than 50% so far this year. Wolf stated that for many central banks, the proportion of gold in foreign exchange reserves remains relatively small, especially in emerging market countries. He added, "We still see them increasing their gold holdings, although the pace of buying may slow due to rising prices."