Why HSBC Still Believes Gold Hits $4,750 by Year-End

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Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

100.96 pts

▲ 0.46 (+0.46%)

headwind for gold

Gold inverse — rising dollar pressures gold

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headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

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tailwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

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positive for gold

Alt safe haven — moves with gold in risk-off

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positive for gold

Inflation proxy — rising oil can lift gold

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positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Why HSBC Still Believes Gold Hits $4,750 by Year-End (and What the Mainstream is Missing)

HSBC's unwavering year-end target of $4,750 for gold underscores a significant divergence in market expectations, particularly as they recently adjusted their 2026 average forecast downward by $304. This suggests that HSBC anticipates a robust near-term performance for gold, driven by factors that the broader market may be overlooking. The persistent strength of gold prices can be attributed to ongoing geopolitical tensions, which typically bolster safe-haven demand. Additionally, inflationary pressures remain a critical concern, as central banks navigate the delicate balance of interest rates and economic growth. As yields fluctuate, the opportunity cost of holding non-yielding assets like gold becomes a pivotal consideration for investors. The dollar's performance also plays a crucial role; a weaker dollar generally enhances gold's appeal to international buyers. Central bank demand continues to be a supportive factor, as these institutions seek to diversify their reserves amidst economic uncertainty. Furthermore, ETF flows indicate a sustained interest in gold, reflecting investor sentiment that may not align with mainstream projections. Collectively, these elements suggest that gold is positioned for a potential rally, reinforcing HSBC's bullish outlook as we approach year-end. Investors should remain vigilant, as the interplay of these dynamics could lead to significant price movements in the gold market.

Eaglon Prime Highlights Rising Client Interest in Precious Metals and Commodities Trading

Gold has experienced significant volatility in 2026, retreating from its January peak as shifting interest rate expectations and ongoing geopolitical tensions have influenced market dynamics. This environment has led to a noticeable rise in client interest in precious metals and commodities trading, indicating a growing recognition of gold's role as a safe haven amid uncertainty. As investors grapple with fluctuating yields and a strong dollar, gold's appeal can be challenged, yet the persistent geopolitical risks continue to support its value. The interplay between inflation concerns and central bank policies remains critical, as any indication of rate hikes could further pressure gold prices. However, the rising demand for precious metals suggests that investors are increasingly seeking to hedge against potential economic instability. ETF flows into gold have also been a key indicator of market sentiment, reflecting a cautious yet strategic approach by investors. As we navigate through these turbulent times, the demand for gold as a protective asset is likely to remain robust. The current market conditions underscore the importance of monitoring macroeconomic indicators and geopolitical developments, as they will continue to shape gold's trajectory. In summary, while gold faces headwinds from interest rates and the dollar, the underlying demand driven by uncertainty and inflation concerns may provide a floor for prices moving forward.

Gold Holds Above $4,000 Despite Continued Violence in the Middle East

Gold remains resilient, holding above the critical $4,000 mark despite ongoing violence in the Middle East, which typically heightens demand for safe-haven assets. Opening at $4,005.60 per troy ounce, gold futures experienced a slight dip of 0.3% from Friday's close, reflecting some profit-taking or market adjustments. However, by 8:15 a.m. ET, prices rebounded to $4,016.10, indicating strong underlying support. This price stability suggests that investors are increasingly viewing gold as a hedge against geopolitical instability and potential inflationary pressures. The current environment underscores the metal's role as a safe haven, particularly as central banks may continue to diversify their reserves into gold amid uncertain economic conditions. Additionally, the persistent violence could lead to increased ETF inflows as investors seek to protect their portfolios. The market's ability to maintain such levels indicates robust demand, which could further bolster prices if geopolitical tensions escalate. Investors should closely monitor these developments, as they could significantly influence gold's trajectory in the coming weeks. Overall, the interplay of geopolitical risk and gold's safe-haven appeal continues to shape the market landscape.

Gold Steady Even as the Dollar Rises

Gold remains steady above $4,000, demonstrating resilience even in the face of a stronger US dollar. This stability suggests that investors are maintaining their confidence in gold as a safe-haven asset, despite the dollar's upward movement. The recent easing of oil prices may also be contributing to this steadiness, as lower energy costs can alleviate inflationary pressures, which often drive demand for gold. The interplay between the dollar and gold is critical; typically, a stronger dollar can weigh on gold prices, but the current scenario indicates that gold is holding its ground. This could reflect underlying concerns about inflation and geopolitical tensions that continue to support gold as a hedge. Additionally, we should consider the broader market dynamics, including central bank policies and potential shifts in ETF flows, which can significantly influence gold demand. As investors navigate these complexities, gold's ability to remain above the $4,000 mark signals a robust market sentiment. We must remain vigilant about how these factors evolve, as they will undoubtedly shape the trajectory of gold prices in the near term. Overall, the current environment suggests that gold is well-positioned to weather fluctuations in the dollar and other macroeconomic variables.

Gold Holds Near $4,000 as Fed Rate Expectations Offset Safe-haven Demand

Gold remains firmly positioned near the $4,000 mark as investors navigate the complex interplay between rising geopolitical tensions and Federal Reserve rate expectations. The ongoing conflict between the United States and Iran has heightened safe-haven demand, yet this is being countered by the prospect of elevated energy prices prompting the Fed to maintain higher interest rates for an extended period. As a result, gold prices have shown stability, reflecting a market that is weighing both risk and opportunity. The potential for prolonged high rates typically exerts downward pressure on gold, as the opportunity cost of holding non-yielding assets increases. However, the persistent geopolitical risks continue to support gold as a hedge against uncertainty. Investors should note that the balance between these opposing forces will be critical in determining gold's trajectory in the near term. Central bank demand remains a key factor, as any shifts in monetary policy could significantly influence market sentiment. ETF flows will also be crucial to monitor, as they can provide insights into investor confidence in gold as a safe haven. Overall, the current environment suggests that while gold may face headwinds from rate expectations, the underlying demand driven by geopolitical risks could provide a floor for prices.

The Growing Role of Artisanal and Small-Scale Gold Mines

Artisanal and small-scale mining (ASM) is emerging as a significant contributor to the global gold supply, which could have implications for gold prices. As these operations typically utilize basic tools and techniques, they often operate outside of formal regulatory frameworks, leading to fluctuations in production levels that can impact overall market dynamics. The increasing importance of ASM suggests a diversification of gold supply sources, which may affect traditional mining operations and their pricing power. Additionally, as these small-scale miners often sell their gold at lower prices to meet immediate financial needs, this could exert downward pressure on gold prices in the short term. However, the rise of ASM also highlights the potential for increased demand for gold from local economies, which could support prices if demand outstrips supply. Furthermore, geopolitical factors may come into play, as regions with significant ASM activity could face regulatory changes or conflicts that disrupt production. Investors should also consider that the environmental and social implications of ASM could lead to increased scrutiny and potential restrictions, impacting supply dynamics further. Overall, while ASM presents a growing source of gold, its impact on prices will depend on how these factors interplay with broader market conditions, including central bank policies and global economic stability. As we navigate this evolving landscape, we must remain vigilant to the shifts in supply and demand that ASM introduces to the gold market.

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• Five-project explorer in New Brunswick's Bathurst Mining Camp with Middle River Gold returning 1.70 g/t over 38.3m with a 2 million oz target and 50+ drill targets.

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Today's Interesting Company News

Tajiri to Commence IP Survey at the Yono Gold Project to Follow up on Trench Results of 32m at 1.1g/t Au and 19m at 4.6g/t Au

(TSXV:TAJ) Tajiri Resources Corp. announced it has engaged Frontier Geosciences to conduct a comprehensive high-resolution ground geophysical survey across its Yono Gold Project in Guyana. The survey program will last approximately three weeks and will incorporate induced polarization (IP), resistivity, ground magnetometer, and EM31 conductivity surveys. Trenching at Yono previously returned gold intercepts of 32 metres grading 1.1 g/t gold, 19 metres grading 4.6 g/t gold, 18 metres grading 0.8 g/t gold, and 2 metres grading 30.2 g/t gold. The company's fully funded maiden drilling program is currently scheduled to commence in the fourth quarter of 2026. Tajiri has also engaged Independent Trading Group (ITG) to provide market-making services for CAD$5500 plus applicable taxes per month, with an initial term of one month. Over the past two months, Tajiri has been conducting due diligence and advancing negotiations on several highly prospective gold properties and expects to announce a significant acquisition within the coming month. Management believes these activities position Tajiri for an active and potentially transformational second half of 2026.

Seabridge Gold Arranges US$100M Credit Facility to Support Ongoing Activities at KSM

(TSX:SEA, NYSE:SA) Seabridge Gold Inc. has executed an unsecured, short-term loan agreement with a strategic investor for up to US$100 million. The loan is drawable at the Company's election in minimum calls of US$10 million each, has an interest rate of 7% compounded monthly, and matures on December 31, 2026. No amounts are currently drawn on the Loan. The loan is repayable either in cash at any time or, in certain circumstances and subject to TSX approval, in common shares of Seabridge if outstanding at maturity, at the Company's option. Seabridge Gold holds a 100% interest in several North American gold projects, with principal assets being the KSM and Bronson Corridor projects in British Columbia's Golden Triangle, as well as the Snowstorm project in Nevada's Getchell Gold Belt and the 3 Aces project in the Yukon. The company intends to draw on the Loan, if required, to strengthen its consolidated liquidity position. The company projects that its 2026 work programs at KSM include building of roads to provide improved access to future infrastructure areas and the collection of geotechnical, metallurgical and environmental data from drilling, test pitting and sampling required to support KSM's feasibility level design and engineering activities.

Mexican Gold Mining Corp. and Alcon Silver Corp. Complete Arrangement to Create Platauro Metals Corp., a Diversified Precious Metals Exploration Company

(TSXV: PURO) Platauro Metals Corp. announced the successful completion of its plan of arrangement, acquiring all issued and outstanding common shares of Alcon Silver Corp. in exchange for Platauro shares, resulting in former Alcon shareholders holding approximately 53% of Platauro on a non-diluted basis. A total of 40,797,830 Consideration Shares were issued to Alcon shareholders at a deemed price of approximately $0.27 per share, for aggregate deemed consideration of approximately $10,879,640. The company completed a consolidation of its outstanding common shares on a 1.6667-for-one basis and changed its name from "Mexican Gold Mining Corp." to "Platauro Metals Corp.". Platauro also completed a non-brokered private placement of 11,495,000 subscription receipts at a price of $0.20 per Subscription Receipt for aggregate gross proceeds of $2,299,000. Each Warrant issued in the financing entitles the holder to acquire one common share at an exercise price of $0.30 per share for a period of thirty (30) months following the closing date. The net proceeds of the Concurrent Financing will be used for exploration of the Princesa project, exploration of the Rowdy claim at Tatatila, legal fees associated with the Las Minas claims dispute, and for general corporate and working capital purposes. The company projects growth, development and exploration activities at the Las Minas and Princesa projects.

Toogood Gold Expands Table Mountain Project to 1,902 Hectares Along Priority Structural Corridors

(TSXV: TGC) (OTCQB: TGGCF) Toogood Gold Corp. announced the staking of 44 additional Bureau of Land Management ("BLM") lode claims at its Table Mountain Gold-Silver Project in Lincoln County, Nevada. This expansion increases Table Mountain to 228 claims totalling approximately 1,902 hectares. The newly staked claims cover approximately 368 hectares and secure more than 10 kilometres of cumulative interpreted strike length along the Widowmaker Trend and a subparallel structural corridor. Reconnaissance soil geochemistry has been completed across the new claims, with 166 samples collected. Phase 2 exploration is set to commence in July, including approximately 20 line-kilometres of controlled-source audio-frequency magnetotellurics ("CSAMT") and targeted follow-up prospecting, rock sampling, and geological mapping. Toogood Gold Corp. has an option to earn a 100% interest in both the Table Mountain Project in Nevada and the Toogood Gold Project in Newfoundland, with the latter covering a 164 km² land package.

GreenLight Metals' Bend Copper-Gold Project Posted to U.S. Federal Permitting Dashboard as a FAST-41 Transparency Project

(TSXV: GRL) (OTCQB: GRLMF) GreenLight Metals Inc. announced that its flagship Bend copper-gold project, located in Taylor County, Wisconsin, has been posted to the U.S. Federal Permitting Dashboard as a FAST-41 Transparency Project by the Federal Permitting Improvement Steering Council. Bend is the first project located in Wisconsin to be posted to the Dashboard as a FAST-41 Transparency Project. The Dashboard listing provides a transparent, public framework for tracking the federal review process as Bend advances, and the Bureau of Land Management is identified as the lead agency for the review. The Dashboard states that a comprehensive permitting timetable will be posted on or before July 30, 2026. GreenLight's exploration work at Bend has been conducted on the privately held Soo Line mineral parcel under approvals from the Wisconsin Department of Natural Resources and the U.S. Forest Service. The Transparency Project listing relates to the federal environmental review of the Company's application for a federal prospecting permit covering the federal mineral estate surrounding the Soo Line parcel. The company projects that the Dashboard listing will provide shareholders, regulators, local communities, Tribal Nations and other stakeholders with greater visibility into federal review milestones.

Conquest Resources | TSX-V: CQR

• Mineral exploration company focused on high-grade massive sulphide copper in Ontario.

• Alexander Gold project within 2km of Goldcorp's Red Lake Mine.

• Flagship Belfast Teck-Mag project centred on the Temagami Magnetic Anomaly.

• Four projects across Ontario targeting copper, gold and uranium.

More →

Centurion Commences Field Work at Limestone Gold Project, Suriname

(TSXV: CTN) Centurion Minerals Ltd. announced that an experienced geological field crew has been mobilized to the 3,548-hectare Limestone Gold Project in Suriname. The crew is conducting detailed geological mapping and sampling focused on exposures in drainages and active small-scale mining areas in the Toeboeka Hills region on the western portion of the concession. A fly camp has been established in an area previously utilized as a work camp by small-scale miners, and access trails are being cleared to support ATV operations. Initial work includes systematic, semi-quantitative panning of small drainages to identify potential bedrock gold sources, with particular emphasis on capturing fine "flour" gold. Upon completion of this phase, the company plans to implement a shallow auger sampling program, followed by trenching and target definition for drilling. Historical airborne geophysical data will be integrated to help delineate gold trends. Centurion continues to evaluate additional potential gold project acquisitions in the highly prospective Rosebel-Saramacca district of the Guiana Shield.

Maple Gold Accelerates Growth Strategy With Senior Executive Appointment and Full Consolidation of Joutel

(TSXV: MGM) (OTCQX: MGMLF) Maple Gold Mines Ltd. announced the immediate appointment of Alex Rodriguez, MBA, ICD.D, as Senior Vice President, Corporate Development & Strategy. The company has fully exercised its option to acquire a 100% interest in the Eagle Mine Property, consolidating the past-producing, high grade Joutel Mining Complex within its wholly owned Joutel Gold Project located along Québec's Casa Berardi-Douay Gold Trend. Maple Gold completed cash and share payments to Globex totaling C$1.2 million and incurred C$1.2 million in cumulative exploration expenditures prior to the five-year anniversary of the Option Agreement. The current mineral resource at Eagle consists of 73,000 ounces of gold Indicated (0.5 million tonnes at 5.04 g/t Au) and 386,000 ounces of gold Inferred (3.0 million tonnes at 4.07 g/t Au). The total Douay/Joutel Mineral Resource Estimate now stands at 905,000 oz Au Indicated (19.1 Mt at 1.48 g/t Au) and 4,297,000 oz Au Inferred (130.2 Mt at 1.03 g/t Au). The company is planning aggressive, fully funded step-out drill programs at Eagle and Joutel in H2 2026 and 2027. The company projects resource expansion and discovery potential across its gold projects and its intention to pursue such potential.

GR Engineering Services to Commence Gold Conversion at Maritana Minerals’ Black Swan Plant

(ASX: GNG) GR Engineering Services has been engaged to commence early works on a gold conversion project at Maritana Minerals’ (ASX: MRT) wholly owned Black Swan processing hub. The scope of work includes earthworks, demolition, detailed engineering, and long-lead equipment procurement to convert the existing plant to a 2.5-million-tonnes-per-annum gold carbon-in-leach operation. Total procurement expenditure for the early works program inclusive of GR Engineering’s services has been estimated at $25 million. The program will include refurbishment of the plant’s crushing and grinding circuit and conversion of the single-stage SAG mill circuit to a SABC configuration, with recommissioning of the existing SAG and ball mills using new motors and variable speed drives. The works will also include new water treatment services, refurbishment of the tailings thickener, and installation of new tailings and decant return lines to the tailings storage facility. The company projects an initial five-year life of mine producing an average 102,000 ounces of gold per year, subject to further technical and economic studies. Maritana aims to advance toward full construction in Q3 CY2026 and produce first gold from the Black Swan hub in H2 CY2027.

Orestone Advances Exploration at Tom East and Kelly Gold Zones on the Francisca Gold Silver Property in Salta Province Argentina

(TSXV: ORS) Orestone Mining Corp. announced that follow-up exploration is underway at the recently discovered Tom East and Kelly gold zones along the Francisca Gold Trend. The Francisca Gold-Silver Project covers 23 square kilometres and is located in Salta Province, northwestern Argentina, approximately 80 kilometres northwest of the city of Salta. The Francisca Gold Trend now covers a northwest strike length of 1500 metres, with a 1700 metre long by 500 to 700 meter wide induced polarization (IP) chargeability anomaly of 7.9 mV/V. During the recent Phase I exploration program, hand trench sampling at Tom East yielded 4.45 g/t gold over 21 metres in Trench 6B. At the Kelly Gold Zone, mapping and sampling defined a 50 metre wide quartz-limonite vein stockwork zone grading 0.37 g/t gold and 2.15 g/t silver. The Captain Gold-Copper Project in British Columbia, Canada is 100 percent owned by the company and is permitted for 79 drill locations. The company projects that its near-term objective on the Francisca Gold Project is to define an oxide gold deposit mineable by open pit methods.

Sunrise Resources: New Copper-Silver-Gold Project, Nevada

(LSE: SRES) Sunrise Resources Plc announced it has established a new copper-silver-gold project in Nevada, USA, named the Lake Copper-Silver-Gold Project, after securing a lease & option to purchase agreement over a mining claim and staking a further ten adjacent mining claims. Drill intersections include 50m grading 0.73% copper, 31g/t silver and 0.2g/t gold from surface, with company surface samples assaying up to 198g/t silver, 0.13% copper and 0.3g/t gold. The project is located at the south-west end of the Humboldt Range, 98km east-northeast of Reno, with access from Interstate Highway I-80 and Highway 95. The lease/option agreement includes a 7-year term (extendable to 21 years), a nominal payment of US$100 on signing, annual payments starting at US$5,000 and rising to $20,000, a 2% NSR royalty (buyable for US$500,000), and an option to purchase the claim for $150,000. Fourteen shallow holes (mainly <100m deep, max 150m) were drilled in the claim area by Utah International in the 1980s, with significant intersections including hole MH-4. The company is targeting an intrusion related copper-precious metals deposit and plans next steps including geophysical surveying and follow up drilling as resources allow. Management states that the path forward for this project is clear with the next steps already defined.

Kapa Gold Announces Closing of Second and Final Tranche of Private Placement

(TSXV:KAPA) KAPA GOLD INC. announced the closing of the second and final tranche of its non-brokered private placement, issuing 5,683,666 units at a price of $0.15 per Unit for total gross proceeds of approximately CAD$854,550. This brings the total number of Units issued under the Offering to 18,578,665 for aggregate gross proceeds of CAD$2,786,800. Each Unit consists of one common share and one transferable common share purchase warrant, with each Warrant exercisable at $0.25 for a period of 24 months from the closing date. The Company may accelerate the expiry date of the Warrants if the closing price of its Shares on the TSX Venture Exchange equals or exceeds $0.30 for 20 consecutive trading days. Kapa paid aggregate finders fees of $161,055 in cash and issued 1,073,700 finder warrants to six counterparties. David Paxton, CEO of Kapa Gold, acquired 300,000 Units under the Offering, with no material change in his percentage ownership. The proceeds will be used for the Company's next drill program at its 100% owned Blackhawk Gold property, Lucerne Valley, California, and for general working capital requirements.

Sixty North Gold Mining | CSE: SXTY

• Restarting the past-producing Mon Mine near Yellowknife, the only gold project permitted for production in the NWT at 100 tpd, with 15,000 oz historical production.

• Mill mobilisation underway, mine and mill targeted to be fully operational Q3 2026.

Check it out →

For informational purposes only.

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