HSBC has raised its outlook for gold prices, now projecting an average of $3,355 per ounce in 2025 and $3,950 in 2026.
The bank attributes this to continued safe-haven demand, strong central-bank purchases, and a climate of macro-economic uncertainty.

 

However, HSBC cautions that the rally may slow if the Federal Reserve delivers fewer interest-rate cuts than markets currently expect.

 

Key insights:

 

• Gold has already surged over 60 % in 2025, trading near record highs.
• Central-bank buying continues to support the market, but could ease if prices climb too high.
• Silver is also benefiting, with upwardly revised forecasts reflecting its close correlation to gold.

 

In the coming months, U.S. rate decisions and the geopolitical backdrop will determine whether gold can sustain its exceptional climb.