HSBC lowers 2026 average gold price forecast to $4,490/oz
GLD•HSBC cut its average gold price forecast for 2026 to $4,490 an ounce from $4,560, citing expected U.S. rate hikes and higher oil prices. It lowered its 2027 forecast to $4,825 from $4,925.
1. HSBC cuts forecasts
HSBC lowered its gold price forecasts, citing expectations of further U.S. interest rate hikes and higher oil prices that could weigh on bullion in the near term. The bank expects longer-term support to remain intact, including from fiscal deficits, elevated government debt and economic policy uncertainty.
2. Other forecasts
Bank of America expects gold to fall to $3,750 an ounce in the fourth quarter, citing higher oil prices, elevated inflation and a hawkish Federal Reserve as near-term headwinds. Its 2026 average forecast is $4,389 an ounce.
