Gold Price Prediction: HSBC Raises Forecast for 2025 and 2026
Gold price prediction reports from HSBC indicate that gold could reach $5,000 per ounce by 2026. The bank increased its 2025 average gold price forecast by $100 to $3,455 per ounce. HSBC cited geopolitical tensions, global economic uncertainty, and a weakening U.S. dollar as the main factors behind this projection.
The bank stated that the gold rally is likely to continue through the first half of 2026, supported by policy uncertainty and rising public debt levels. According to HSBC, this gold rally may differ from previous ones as new market participants are expected to stay even after prices stabilize, valuing gold for its diversification and safe-haven qualities rather than short-term profit.
Geopolitical Risks and U.S. Policy Driving Gold Prices
HSBC explained that the ongoing geopolitical tensions and global policy risks have contributed to investor demand for gold. The U.S. Federal Reserve’s expected rate cuts are also likely to support prices, though the effect may weaken once the rate-cut cycle slows.
Gold prices reached a new record high of $4,378.69 per ounce on Friday. The metal also recorded its largest weekly gain since December 2008. Rising expectations of U.S. rate cuts, combined with global economic concerns, have pushed investors toward gold as a safe asset.
ANZ and Other Banks Provide Similar Outlooks
Other major financial institutions have also revised their gold price predictions. ANZ forecast that gold could peak near $4,600 per ounce by June 2026 before gradually declining in the second half of the year as the Federal Reserve concludes its easing cycle. The decline may come once clarity emerges on U.S. economic growth and trade tariff policies.Bank of America raised its 2026 gold outlook to $5,000 per ounce, while Goldman Sachs predicted a price of $4,900 by December 2026. UBS stated that a decline in real interest rates, possibly into negative territory, could push gold prices toward $4,700.Societe Generale also expects gold to touch $5,000 by the end of 2026. Standard Chartered, Commerzbank, Deutsche Bank, and Citi Research have shared varied projections but agree that the trend will remain positive through 2025 and early 2026.
Gold Price Forecasts from Major Banks
HSBC predicts gold will average $3,455 per ounce in 2025 and reach $4,600 by the end of 2026. ANZ expects $3,494 in 2025 and $4,445 in 2026, peaking at $4,600 by June 2026. Bank of America forecasts $3,352 in 2025 and $4,438 in 2026, raising its outlook to $5,000. Societe Generale expects gold to reach $5,000 by the end of 2026.
Standard Chartered predicts $4,488 in 2026. Goldman Sachs estimates $3,400 in 2025 and $4,525 in 2026, reaching $4,900 by December 2026. Commerzbank forecasts $4,000 in 2025 and $4,200 by year-end 2026. Deutsche Bank expects $3,291 in 2025 and $4,000 in 2026, with $4,300 by Q4. UBS notes a possible rise to $4,700. Citi Research expects $3,400 in 2025 and $3,250 in 2026.
Market Outlook for Gold in 2025–2026
Analysts believe that sustained demand from central banks, retail investors, and institutional funds will support gold’s upward momentum. The combination of lower interest rates, global policy risks, and market diversification strategies may help gold maintain its position as a key financial asset through 2026.
While the pace of growth may vary, most forecasts point toward continued support for gold prices above $4,000 per ounce in the coming year.
FAQs
Why is HSBC predicting gold to reach $5,000 per ounce by 2026?
HSBC expects gold to reach $5,000 by 2026 due to geopolitical tensions, policy uncertainty, rising debt, and expectations of continued demand for gold as a safe-haven asset.
How are other banks viewing gold price trends for 2026?
Banks such as ANZ, Goldman Sachs, and Bank of America forecast gold between $4,400 and $5,000 per ounce, depending on U.S. rate cuts and global economic developments.
