HSBC Cuts Gold Price Forecast Twice in Three Months: Seemingly Bearish, but Actually Waiting for a Bottom

The average price forecast for 2026 has been lowered from $4,864 to $4,490, yet HSBC simultaneously stated that gold "may be near its bottom"; this round of downward pressure on gold prices is driven not by a retreat in safe-haven demand, but by expectations of interest rate hikes and oil prices above $100.