HSBC lowered its gold price forecasts for 2026 and 2027, citing a shift toward tighter US monetary policy and a stronger dollar.

 

The bank expects gold to average $4,560 per ounce this year, down from its previous forecast of $4,864. Prices will hit $4,925 next year, below its earlier estimate of $5,000.

 

HSBC sees gold trading between $3,800 and $4,700 an ounce for the rest of the year, before ending 2026 at $4,750.

 

The bank said central bank purchases have slowed after supporting gold’s rally in recent years, though long-term diversification efforts by central banks could continue to underpin prices.

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