Hong Kong stock concept tracking | Gold price breaks new all-time high, HSBC urgently raises its target price for 2026 by nearly 30% (with concept stocks)

Due to increasing concerns about the credit quality in the economy and geopolitical tensions driving up safe-haven demand, coupled with investors betting on a significant interest rate cut by the Federal Reserve this year, both gold and silver prices have reached historic highs. Data shows that on Friday in the Asian session, spot gold rose by 1.2% to $4379.96 per ounce, hitting a record high and poised to achieve the biggest weekly gain since 2020. Spot silver also rose slightly, touching a historic high of $54.3775 per ounce before giving back some of the gains. HSBC is the latest major bank to raise its gold price target. HSBC has raised its average gold price expectation for 2025 from $3215/ounce to $3355/ounce, citing geopolitical tensions, economic uncertainty, and a weaker US dollar. The bank has also raised its average gold price expectation for 2026 from $3125/ounce to $3950/ounce, representing a 26% increase. HSBC stated in a report on October 15th, "Market sentiment remains bullish, and we expect gold prices to continue rising in 2026." However, HSBC also warned that if the Federal Reserve cuts interest rates fewer times this year and next year than the current market expectations, it may suppress the upward momentum of gold prices. Additionally, HSBC pointed out that a gradual decline in global inflation could weaken the demand for gold jewelry purchases driven by inflation concerns. CMSC released a research report stating that, whether from short-term price determinants such as inflation resistance and risk aversion, or long-term price determinants such as currency and financial factors, the gold price is expected to continue hitting new highs in the future. In the short term, CMSC expects gold prices to continue to remain strong influenced by risk aversion sentiment. In the medium to long term, three factors are expected to continue driving the central movement of gold prices. Related Hong Kong stocks in gold and precious metals: Zijin Mining (02899), GoldFinch International (02259), Shandong Gold Mining (01787), Zhaojin Mining (01818), Chifeng Jilong Gold Mining (06693), Lingbao Gold (03330), China Gold International (02099), Wanguo Gold GP (03939), Laopu Gold (06181), Tongguan Gold (00340), Persistence Res (02489), etc.