{{articledata.title}}

British bank HSBC (NYSE: $HSBC ) sees the relentless rally in gold continuing and expects the price to hit $5,000 U.S. per ounce in 2026.

In a note to clients, analysts at HSBC say continued uncertainty will drive investors and central banks around the world to accumulate gold, sending the price higher.

Gold's status as a safe haven asset has led to a record run in its price this year. The precious metal is currently trading at an all-time high of $4,312 U.S. having completed its biggest weekly surge since the 2008 financial crisis.

Gold's price has hit record highs on more than 30 occasions this year as macroeconomic uncertainty and geopolitical instability sends investors out of risk assets such as stocks.

HSBC says the good times are not yet over for gold and expects higher prices for bullion over the next year.

Analysts say rising public debt and threats to the independence of the U.S. Federal Reserve could further drive gold's record run.

Escalating trade tensions between the U.S. and China, the resumption of interest rate cuts by the U.S. central bank, and Russian incursions into NATO countries are also likely to support gold's price, says HSBC.

"This is a powerfully bullish cocktail," writes HSBC in its note to clients. "In the current economic and geopolitical climate gold has been targeted by a wide array of investors as never before."

HSBC also notes that, in addition to traditional holders such as hedge funds and central banks, a new group of institutional investors and high net worth individuals are piling into gold.

Lower interest rates are positive for gold as they tend to benefit non-yielding assets such as bullion, notes the bank in its forecast.