HSBC: Maintains a "positive attitude" towards gold, but lowers its average gold price forecast for 2026 from $4,864 per ounce to $4,560 per ounce.

James Steel from HSBC Global Investment Research stated in a research report that the upward trend in gold prices may be limited by some resistance. The chief precious metals analyst mentioned that the prospect of a Fed rate hike may still limit any upward trend, although these expectations have already been largely factored in. Furthermore, Steel noted that a strong US dollar could pose a significant resistance to the upward trend. However, the analyst added, "As structural factors that support gold in times of conflict resume, and with its safe-haven and portfolio diversification properties attracting buyers, a significant sell-off may be partially reversed." HSBC maintains a "positive stance" on gold, but has lowered its average gold price forecast for 2026 from $4,864 per ounce to $4,560 per ounce, and for 2027 from $5,000 per ounce to $4,925 per ounce.