HSBC projects gold could reach $5,000/oz by mid-2026

HSBC has elevated its long-term gold price outlook, forecasting that spot gold may hit $5,000 per ounce in the first half of 2026. The bank cites sustained safe-haven demand, continued central bank purchases, geopolitical volatility, and expectations of U.S. rate cuts as key drivers. It also raised its average 2025 gold forecast to $3,455/oz from prior estimates. HSBC believes that while volatility will remain, structural shifts in reserves and investor sentiment underpin gold’s upward bias over the coming years.