James Steel of HSBC Global Investment Research said in a research report that the rise in gold prices may be limited by some resistance. The chief precious metals analyst said that the prospect of the Fed's interest rate hike may still limit any gains, although these expectations have largely been digested. Furthermore, Steel said that a strong dollar could “pose considerable resistance to the rally”. However, the analyst added, “As the structural factors that supported gold before the conflict recover, and its safe-haven and portfolio diversification properties attract buyers, large-scale sell-offs may be reversed to some extent. “HSBC maintained a “positive stance” on gold, but lowered its 2026 average gold price forecast from $4,864 an ounce to $4,560 an ounce and the 2027 forecast from $5,000 an ounce to $4,925 per ounce.

James Steel of HSBC Global Investment Research said in a research report that the rise in gold prices may be limited by some resistance. The chief precious metals analyst said that the prospect of the Fed's interest rate hike may still limit any gains, although these expectations have largely been digested. Furthermore, Steel said that a strong dollar could “pose considerable resistance to the rally”. However, the analyst added, “As the structural factors that supported gold before the conflict recover, and its safe-haven and portfolio diversification properties attract buyers, large-scale sell-offs may be reversed to some extent. “HSBC maintained a “positive stance” on gold, but lowered its 2026 average gold price forecast from $4,864 an ounce to $4,560 an ounce and the 2027 forecast from $5,000 an ounce to $4,925 per ounce.