The gold price hit a record high of US$2,685 per ounce on 26 September, HSBC Global Research issued a research report saying. The incline is driven by a number of factors, including strong safe-haven and hedge fund purchases triggered by expectations of further interest rate cuts by the Fed and other central banks, as well as economic uncertainty. Demand for gold was also boosted by the rising US fiscal deficits.Related NewsCCBI Lists HK Stocks Resilient to US Tariff Risks (Table)The broker raised its gold price forecast, and believed that the gold price has entered a new paradigm. The uptrend is likely to slow down next year. HSBC Global Research estimated the gold price to be in the range of US$2,350 to US$2,950 per ounce in 2025.The table below shows HSBC Global Research's updated gold price forecasts for 2024 to 2026 and the long term.Year│ Updated average gold price forecast (per ounce)2024│US$2,305->US$2,3952025│US$2,105->US$2,6252026│US$2,025->US$2,515Long term│US$2,000->US$2,200Related NewsG Sachs Ratings, TPs on CN New Consumption Stocks (Table)