Sou Hu Cai Jing·2025-10-29 06:51Core Viewpoint - HSBC believes the recent decline in gold prices is a temporary pullback, with expectations for a continued upward trend into the new year, peaking in the first half of 2026 [1] Group 1: Key Factors Driving Gold Prices - Key drivers for the anticipated rise in gold prices include inflows of safe-haven funds, expanding fiscal deficits, threats to Federal Reserve independence, and overall pressure on U.S. fiscal stability [1] - Strong inflows into ETFs and physical gold accounts are expected to continue supporting gold prices [1] Group 2: Price Forecasts - For the remainder of this year, gold prices are projected to fluctuate between $3,700 and $4,050, with a year-end target price of $3,950 [1] - In 2024, gold prices are expected to range from $3,600 to $4,400, with a peak anticipated in the first half of 2026, surpassing the $4,400 mark [1] - The forecast for gold prices at the end of 2026 is set at $3,800 [1]