Gold as a Golden Refuge: HSBC Raises Expectations Amidst Economic Storms
Londen, woensdag, 2 juli 2025.
HSBC expects a further rise in gold prices in 2025 and 2026, with an average forecast of $3,215 and $3,125 per ounce respectively. This prognosis is based on increasing economic risks, explosive government debt, and ongoing geopolitical tensions. The financial giant signals that gold is positioning itself as a crucial safe haven for investors seeking protection against potential currency erosion and long-term inflation risks. Central bank purchases and expected interest rate cuts are anticipated to provide further support to the gold market, with an expected trading range between $3,100 and $3,600 per ounce.
HSBC’s Gold Price Expectations
HSBC has significantly raised its expectations for gold prices for 2025 and 2026 last Wednesday. The average price forecast has been adjusted to $3,215 for 2025 and $3,125 for 2026, representing a substantial increase compared to previous estimates [1]. The financial institution bases this revision on several crucial economic factors.
Economic Uncertainty as a Catalyst
Rising government debt, particularly in the United States, forms a fundamental support structure for gold prices [1]. Investors are explicitly seeking protection against potential currency erosion and long-term inflation risks. The current economic context creates a favourable climate for gold as a safe investment haven [2].
Volatile Trading Range
HSBC expects a broad and volatile trading range for gold between $3,100 and $3,600 per ounce [1]. The spot gold price reached a record high of $3,500.05 per ounce at the end of April 2025 and was trading around $3,348.50 on 1 July 2025 [3]. The expected year-end prices are set at $3,175 for 2025 and $3,025 for 2026 [1].
Central Bank Dynamics
Central bank purchase strategies will play a crucial role. HSBC anticipates that gold purchases by central banks will slow down if prices rise above $3,300, but could accelerate when the price moves around $3,000 [2]. This behaviour creates a new market dynamic that supports the overall price structure of gold [1].