Gold Prices Soar on Positive Bank Forecasts: 03 Feb 2026

[Para 1: The Lead] Gold prices surged 5.2% to $2,075 per ounce on 03 Feb 2026, driven by positive forecasts from major investment banks. Analysts at Goldman Sachs and JPMorgan Chase revised their gold price targets upward, citing stable geopolitical tensions and strong global demand. This immediate market impact reflects investors' preference for safe-haven assets amid economic uncertainty. [Para 2-3: Supporting details & Context] The upward revision in gold price targets by Goldman Sachs to $2,100 and JPMorgan to $2,050 for the first quarter of 2026, highlights a 7.5% and 4.5% increase respectively from their previous estimates. The global demand for gold, particularly from central banks, has been robust, with the World Gold Council reporting a 15% increase in central bank purchases in the last quarter. This trend, combined with the forecasted interest rate cuts by major central banks, is expected to sustain the upward momentum in gold prices.