New Delhi, Jan. 30 -- Gold prices just raced across the $5,000 mark. Now J.P. Morgan thinks they can zoom past $8,000 in the years ahead.

Lately nothing seems to be able to hold gold back. The precious metal, which began the year at $4,341 an ounce, recently traded at $5,302, a 22% gain in just the first month of 2026.

On Thursday, J.P. Morgan market strategist Nikolaos Panigirtzoglou argued the metal could rally to $8,000 to $8,500 an ounce "over the coming years." One reason is retail investors are relying more on gold instead of fixed income as a hedge against U.S. stock market declines.

Panigirtzoglou argues retail investors have soured on long-term bonds since 2022, when classic stock-and-bond portfolios such as 60/40 funds (with ...