Gold prices have smashed records, reaching $4,379.93 per ounce in October 2025—up 7.67% from last month and 47.09% from a year ago.
HSBC now expects gold to average $3,455 this year and possibly hit $5,000 per ounce in 2026.
The main drivers? Geopolitical tensions and ongoing economic uncertainty.
Gold's new long-term buyers
Unlike past spikes, this surge is fueled by new long-term buyers who see gold as a safe place to park their money when markets get shaky.
With stocks and bonds all over the place, more investors are turning to gold to help protect their savings from unpredictable global events.
Trading Economics's gold price forecast
Analysts at Trading Economics think gold will hover around $3,358.28 by the end of this quarter and climb to about $3,507.55 in 12 months.
The outlook depends on how global risks and US economic signals play out—if uncertainty sticks around, gold could keep climbing; if things settle down, prices might cool off a bit.