HSBC Cuts 2026 Gold Forecast to $4,560, Citing Hawkish Fed Tilt

HSBC lowered its 2026 average gold price forecast to $4,560 per ounce from $4,864 and its 2027 call to $4,925 from $5,000, Reuters reported on July 9, 2026. The bank cited a hawkish Federal Reserve tilt that raises the opportunity cost of holding non-yielding bullion. Gold futures last traded near $4,019 on July 18 — roughly 15% below January's record spot high of $4,765.93.