[HSBC lowers its gold price forecast for this year and next, saying that rising interest rates and high oil prices may continue to put pressure on gold] October 1, HSBC lowered its gold price forecast on Thursday, citing expectations that the United States will further raise interest rates and that rising oil prices may put pressure on gold in the short term. However, the bank believes that long-term factors supporting gold prices still exist. HSBC currently predicts that the average gold price in 2026 will be US$4,490 per ounce, lower than the previous forecast of US$4,560; it has also lowered its forecast for the average gold price in 2027 from US$4,925 per ounce to US$4,825. HSBC said that market expectations for further U.S. interest rate hikes and rising bond yields will continue to suppress gold prices, as this will weaken the appeal of gold, a non-yielding asset. Economists at the bank expect the Federal Reserve to raise interest rates again in December this year.