HSBC Cuts 2026 Gold Price Forecast to $4,560, Diverging From Bernstein's Upgrade

HSBC lowered its average 2026 gold price forecast from $4,864 to $4,560 an ounce on Thursday, July 9, 2026 (18 Tir 1405), and trimmed its 2027 forecast from $5,000 to $4,925. The bank cited a hawkish tilt from the Federal Reserve under new Chair Kevin Warsh and a stronger US dollar as the reasons for the cut. The revision contrasts with Bernstein, which raised its 2026 gold target to $4,533 last week. The diverging analyst calls highlight uncertainty in the gold market amid ongoing US-Iran tensions.