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Following gold’s relentless run higher, some investors have questioned who the major buyers of gold will be in 2026. Underpinning J.P. Morgan Global Research’s price forecasts is continued strong investor and central bank gold demand, which is projected to average around 585 tonnes a quarter. “We continue to lean on the relationship between tonnes of quarterly investor and central bank demand and prices to derive our gold price forecast,“ Shearer said. As a rule of thumb, this relationship — which explains around 70% of the quarter-on-quarter (qoq) change in the price of gold — implies that around 350 tonnes or more of quarterly net demand from investors and central banks is needed for gold prices to rise each quarter. Every 100 tonnes above 350 is worth around a 2% qoq rise in the price of gold. “Looking to 2026, we see around 585 tonnes of quarterly investor and central bank demand on average, comprising around 190 tonnes a quarter from central banks, 330 tonnes a quarter in bar and coin demand and 275 tonnes of annual demand from ETFs and futures, mainly front-loaded over next year,” Shearer added