HSBC lowered its gold price forecast on Thursday, citing the expectation that the US will raise interest rates further and that rising oil prices may put pressure on gold in the short term. However, the bank believes that long-term factors supporting the price of gold still exist. HSBC currently expects the average price of gold to be 4,490 US dollars per ounce in 2026, lower than the previous forecast of 4,560 US dollars; it has also lowered the average price forecast for gold in 2027 from 4,925 US dollars per ounce to 4,825 US dollars. HSBC said that market expectations for further US interest rate hikes and rising bond yields will continue to suppress the price of gold, as this will weaken the appeal of gold as a non-yielding asset. The bank's economists expect the Federal Reserve to raise interest rates again in December this year.

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