Gold , a big winner during tariff chaos and geopolitical uncertainty, has a lot of room to go if foreign buyers start to step up their allocation, according to JPMorgan. The Wall Street firm predicted that international institutional investors could be rethinking their appetite and risk-reward in U.S. investments as the current uneasy macroenvironment keeps them on edge. If they redirect just 0.5% of foreign U.S. asset holdings to gold, the action could drive prices to $6,000 by early 2029, JPMorgan said. @GC.1 YTD mountain Gold "International investors are starting to reassess the 'exorbitant privilege' and safe haven status of the US dollar," JPMorgan's commodities strategist Natasha Kaneva said in a note to clients. "Gold could benefit from this shift, despite its small 4% share in the global asset mix. Limited supply growth means even small reallocations to gold can significantly impact prices." The bullion, often used as a safe store of value during times of political and financial uncertainty, has rallied to new heights recently with prices surpassing $3,500 per ounce in April. Gold has climbed about 26% since the start of the year and has gained 5% since Trump announced sweeping tariffs on April 2. "While hypothetical, this scenario illustrates why we remain structurally bullish [on] gold and think prices have further to run," Kaneva said.