Global Market: HSBC cuts gold price forecasts for 2026-27 on hawkish Fed outlook

HSBC has cut its gold price forecasts for 2026 and 2027, reducing its 2026 average forecast to $4,560 per ounce from $4,864, and its 2027 forecast to $4,925 from $5,000. The bank expects gold to trade in a range of $3,800 to $4,700 for the remainder of 2026, ending the year around $4,750, as a hawkish US Federal Reserve outlook and a stronger US dollar weigh on prices. Spot gold was trading near $4,100 per ounce, down over 20% from its January 2026 record high of $5,594.82, though HSBC noted that structural supports such as fiscal deficit concerns and central bank diversification may limit further downside.