Gold’s blistering rally may not be over yet. According to HSBC Research, bullion prices could test $5,000 per ounce in the first half of 2026, driven by geopolitical risks, mounting fiscal pressures, and sustained institutional demand. This is even as volatility stays elevated, and pullbacks remain likely.
Gold ended 2025 at record levels, touching $4,548/oz on December 29, capping a year marked by extreme price swings. HSBC expects that momentum to carry into early 2026, though the path higher is unlikely to be smooth.