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.
Oman Observer is now on the WhatsApp channel. Click here
