Dhaka, April 24 -- JP Morgan sees gold prices crossing the $4,000 per ounce milestone next year, following increased recession probabilities amid boosted US tariffs and an ongoing US-China trade war, the bank said in a note on Tuesday.

The bank now expects gold prices to reach an average of $3,675/oz by 4Q25, on the way towards above $4,000/oz by 2Q26, with risks skewed towards an earlier overshoot of these forecasts if demand surpasses its expectations, reports Reuters.

"Underpinning our forecast for gold prices heading towards $4,000/oz next year is continued strong investor and central bank gold demand averaging around 710 tonnes a quarter on net this year," the bank noted.

Spot gold, which has gained 29 per cent and hit 28 record h...