HSBC Raises 2024 Gold Price Forecast, 2023 Outlook Unchanged

HSBC GLOBAL RESEARCH:

• LEAVES ITS 2023 AVERAGE GOLD PRICE FORECAST UNCHANGED AT $1,905/OZ BUT RAISES 2024F SLIGHTLY TO $1,850/OZ (FROM $1,820/OZ)

• HSBC SAYS "WE LOOK FOR A TRADING RANGE OF USD1,850/OZ-USD1,970/OZ FOR THE REST OF 2023," FOR GOLD

• HSBC: "WE EXPECT REAL RATES TO WEIGH ON GOLD THIS YEAR AND INTO 2024"

• HSBC SAYS FED’S PROLONGING OF TIGHTENING CYCLE LIKELY TO CONTINUE TO WEIGH ON GOLD, ALTHOUGH EVENTUAL END TO CYCLE MAY ALLOW GOLD TO STABILIZE