Spanish
London, July 1 (EFECOM).- The British bank HSBC increased this Tuesday its forecast for the average price of gold for 2025 to $3,215 (2,727 euros) per ounce, which represents an increase of $200 (169.70 euros) compared to the initial estimate, due to market volatility caused by the trade war.
It also raised its price forecast for 2026 to $3,125 (€2,651) per ounce from the $2,915 (€2,473) expected in an initial analysis, according to a report by the entity accessed by EFE.
The bank added that, specifically at the end of this year, the ounce of gold will be around $3,175 (€2,693), while it slightly reduces it for the end of 2026, to $3,025 (€2,556), below the respective averages.
International geopolitical tensions, including the war in Ukraine, the conflict between Israel and Palestine, and Iran's air strikes, caused the price of an ounce of gold to reach its highest this year on April 22, reaching $3,500 (2,972 euros).
The rise in forecasts is also due to the prevailing uncertainty about the tariffs promoted by US President Donald Trump, which caused chaos in the stock markets, as well as the weakness of the dollar and the country's fiscal prospects, which led investors towards safe assets such as gold.
Regarding the balance the company makes on supply and demand, this price increase "is encouraging greater supply and a reduction in physical demand", according to HSBC, which pointed to the "numerous challenges" that mining companies will face despite the increase in production they predict.
For their part, it is expected that the demand for gold bars will increase due to "institutional interest", while the high prices of jewelry and coins are "eroding" their demand both in countries of the Organisation for Economic Co-operation and Development (OECD) and in emerging markets.
