HSBC has lowered its forecast for the average gold price in 2026 to $4,490 per ounce, according to Reuters on October 1, 2026.
The revision applies to the bank’s expected average gold price for the full year, rather than a specific price target at a particular point in time. The available report did not provide details on HSBC’s previous forecast or the reasons behind the downward revision.
New Gold Market Forecast for 2026
The new figure represents HSBC’s forward-looking outlook for the gold market and should not be interpreted as a guaranteed price level.
The available report also did not provide additional details about the economic, market, or investment factors behind the bank’s revised estimate.
The adjustment remains noteworthy for gold market participants because it represents an updated forecast from a major financial institution for the average price of gold in 2026.
It is important, however, to distinguish between an annual average gold price forecast and the actual price movements that may occur throughout the year. Gold prices can trade above or below the projected annual average at different points during the year.