HSBC's new gold prices forecast calls for a 12% drop in 2025
Gold prices surged to a record high in mid-May, driven by robust safe haven and hedge fund purchases.
"Market sentiment is clearly bullish, and while the near-term upward trajectory shows no signs of slacking, we think prices are progressively overstretched," they noted. Analysts expect gold prices to rebound in 2026, raising their average price projection for that year from $1,880/oz to $2,025/oz.
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