Gold’s Momentum: Intact, Also Fading
1. Executive Summary: A Higher Plateau
Gold reached a record $3,500/oz in April 2025 and remains elevated. HSBC maintains that while gold can spike on geopolitical shocks and safe-haven demand, upside is capped. The report acknowledges continued strong central bank demand, fiscal uncertainty, and dollar weakness as supportive factors. However, it forecasts lower prices in the second half of 2025, driven by waning physical demand, modest supply gains, and a normalization of ETF flows.