Gold Price Predictions Can Break US$5,000 In 2026

JAKARTA - The continued price of precious metals has pushed the gold price to a record high above US$ 4,300 per troy ounce. Seeing this upward trend, HSBC estimates that gold prices have the potential to penetrate US$5,000 per troy ounce by 2026.

The bullish market will likely still push for higher gold prices in the first half of 2026, even reaching its highest level in the US$5,000 per ounce, HSBC wrote in its report, quoted by Kitco News, Sunday, October 19.

This latest prediction is supported by increased risks to the global economy and high interest of new investors in the precious metal market.

HSBC also raised its average gold price projection in 2025 to US$ 3,455 per ounce troy, from US$ 3,355 previously. For 2026, the projected average gold price rose to US$4,600, from an initial estimate of US$ 3,950 per ounce.

The increase in gold prices was driven by various factors such as geopolitical tensions, massive purchases by the central bank, increased ETF-based investment funds, expectations of lowering US interest rates, and global economic uncertainty. HSBC also highlighted public debt factors and fiscal policies that were not yet stable as additional drivers.

Even so, HSBC warns that price volatility is still possible in the second half of 2026, accompanied by potential price moderation after a long period of increase.

"Unlike the previous rally, we expect many new buyers to stay in the gold market, not just because of price appreciation, but because of portfolio diversification factors and the safe haven nature of gold," explained HSBC analyst.

With this strong prospect, gold is expected to remain one of the most attractive investment instruments until 2026, especially in the midst of high global economic uncertainty.