HSBC ups gold price outlook for 2025 and 2026 - Global Tactical Metals

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Chile cuts mining permitting times by up to 70%

Zijin Mining to acquire Kazakh gold mine in $1.2B deal

Published by Eduardo Soto on July 3, 2025

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HSBC has raised its average gold price forecasts for the next two years, citing heightened geopolitical risks and strong investor demand for bullion.

The bank now expects gold to average $3,215/oz in 2025 and $3,125/oz in 2026, up from previous estimates of $3,015 and $2,915, respectively.

The updated outlook reflects a bullish view on gold’s role as a safe-haven asset amid global uncertainty.

Spot gold reached a record high of $3,500.05 an ounce in late April. The metal was trading at $3,348.50 Wednesday morning.

“We anticipate a wide and volatile trading range of $3,600-3,100/oz for the rest of the year and year-end prices of $3,175/oz for 2025 and $3,025/oz for 2026,” the bank said in a note on Tuesday.

HSBC analysts noted that central bank gold purchases will moderate on further rallies above $3,300 and could increase should gold correct nearer to $3,000.

On the physical front, the bank said further gold price gains above $3,500 could lead to reduced demand in the jewellery, coin and small bar markets, particularly in economies such as India and China.

Goldman Sachs recently echoed a similarly bullish stance, forecasting gold to reach $3,700 by year-end and $4,000 by mid‑2026, with potential upside to $4,500 in extreme risk scenarios.

Goldman also expects gold to continue outperforming silver, which is under pressure from weakening industrial demand, particularly in China’s solar sector.

Source: MINING.COM

Eduardo Soto

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