HSBC Trims 2026 Gold Forecast on Hawkish Fed Signals

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