Gold pulls back after record high

Gold prices fell more than 2% on Friday after hitting a record high above $4,300 per ounce, pressured by a firmer dollar and U.S. President Donald Trump's comment that a 'full-scale' tariff on China would be unsustainable.

Spot gold was down 2.6% at $4,211.48 per ounce at 01:38 p.m. ET (1738 GMT), after scaling an all-time high of $4,378.69 earlier in the session. The metal breached $4,300/oz for the first time on Thursday, and is set for a weekly gain of about 4.8%.

HSBC on Friday raised its 2025 average gold price forecast by $100 to $3,455 per ounce, citing geopolitical tensions, economic uncertainty, and a weakening U.S. dollar, and projected prices could reach $5,000 in 2026.

'Gold rally likely sustained through 1H'26 by geopolitical risks, economic policy uncertainty and rising public debt,' the bank said in a note.