Gold Tops Dollar, Forecasts $5k-$8k as Geopolitical Tensions

Gold tops global assets by market cap; HSBC sees a $5,050–$3,950/oz 2026 range (end‑year $4,450) as Fed risks loom, while some analysts target $5.5k–$8k

  • Gold has emerged as the top global asset by market cap and is outpacing the US dollar as a reserve asset.
  • HSBC projects a 2026 gold trading range of roughly $5,050 to $3,950 per ounce and an end‑year price of $4,450 per ounce.
  • “We see a wide range of $5,050–$3,950/oz for 2026 and an end-year price of $4,450/oz,” according to HSBC analysts.
  • HSBC warns that a hawkish shift by the Federal Reserve in 2026 could drive gold lower after any peak.
  • Rashad Hajiyev expects continued geopolitical-driven repricing and has set higher technical targets, including $5.5–6k and a potential $8k year‑end 2026 target.

Gold is leading global markets and has become the top asset by market capitalization, overtaking the US dollar as a key reserve asset. Prices have risen sharply and analysts cite geopolitical tensions and macroeconomic shifts as drivers for further gains through 2026. Major bank forecasts and market experts offer differing near‑term ranges and targets.

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According to HSBC analysts, gold could reach a peak near $5,050 per ounce in 2026 before correcting. “We see a wide range of $5,050–$3,950/oz for 2026 and an end-year price of $4,450/oz,” the note stated.

The bank added that a more hawkish turn from the Federal Reserve in 2026 may prompt a sharp correction, pushing prices toward the lower end of the projected range. That view frames the forecast as a possible surge followed by consolidation later in the year.

Market commentator Rashad Hajiyev linked geopolitical development and a financial system reset to potential gold and silver repricing, writing, “I think we are going to see further development of geopolitical events in 2026 along with a reset of a global financial system triggering gold and silver repricing. It worth noting that the USA has the largest gold reserves in the world…”

Hajiyev also highlighted technical strength and higher targets in a separate post, saying, “Despite recent sell-off gold is holding well above all technical support levels post breakout. My next target for gold is $5.5-6k with potential year end 2026 target of $8k plus. This post is not an investment advice…” That outlook frames a wide range of possible outcomes based on geopolitics and market positioning.

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