Silver Rises Over 120% YTD 
HSBC analysts have raised their gold price targets but warn that the metal’s impressive rally may be losing steam.
While they expect gold to reach $3,215 per ounce in 2025 (up from their previous $3,015 forecast), they believe most of the gains are already behind us.
High prices have boosted supply while dampening demand for physical gold like jewelry and coins, which could limit further price increases.
However, ongoing geopolitical tensions and potential trade conflicts may prevent a significant pullback, keeping gold prices at historically elevated levels.
