Getting your Trinity Audio player ready...HSBC said gold could trade above $4,000 per ounce in the near term, driven by geopolitical risks, fiscal uncertainties, and threats to the Federal Reserve’s independence. “Rallies can continue into 2026 aided by official sector buying; institutional demand for gold as a diversifier can stay robust,” the bank said in a note dated Friday. Spot gold scaled a record high of $3,896.49 on Thursday amid elevated uncertainty from a U.S. government shutdown and rising expectations of interest rate cuts. HSBC said that if the Fed delivers fewer rate cuts than currently projected this year and next, it could potentially curb gold’s price rally. Gold, often seen as a safe store of value during times of uncertainty and favored in a low-interest-rate environment, has gained over 47% so far this year.