HSBC raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125 from $2,915, citing elevated risks and government debt.
Gold tends to perform well during periods of economic uncertainty and geopolitical tension, which lifted spot gold to a record high of $3,500.05 an ounce in late April.
Spot gold was trading at $3,348.50/oz at 1146 GMT on Tuesday. [GOL/]
HSBC said that even if gold prices ease, levels above $3,000 an ounce have reinforced gold’s role as a safe haven and effective portfolio diversifier.
It noted that central bank gold purchases will moderate on further rallies above $3,300 and could increase should gold correct nearer to $3,000.
