Bank sees gold at an average $ 1,160 this year, $ 1,205 next year, $ 1,300 in 2017 and $ 1,325 in the long term. And predict the price of gold and a wide range of $ 1,025- $ 1.275 for 2016.
The weight of renewed US dollar on the strength of gold before the expected large-scale rise in US interest rates next month. Spot gold traded recently at $ 1,069.0 / 1,069.4 an ounce, down $ 6.20 on Tuesday's close.
Although the bounce and took longer than expected 0.2016 could see a rebound more decisive. According to the Bank, there are three main drivers of moderate bullish position.
Emerging market demand has already developed a platform for gold prices, he said, buying from India and China, which together account for nearly two-thirds of the gold jewelry and bullion material consumption, it is likely to increase in 2016.
A minting gold scheme being introduced by the Indian government and designed to limit the imports of gold is likely to hamper demand.
In spite of the economic growth in China is slowing, it is still strong by historical standards - HSBC expects income to maintain high enough to support the increased purchases of gold.
Emerging buyers and sellers in the market for a high degree of sensitivity, Price, it was noted. Prices of less than $ 1,100 to attract buyers, but they are moving away from buying gold at near $ 1,300.
Also, the stronger euro be supportive for gold - Bank expects the euro against the dollar to reach 1.20 by the end of next year, which would push gold above $ 1,200.
, "Higher prices in the United States, in itself, would also be supportive of gold" may, said HSBC. "During the four tightening of the Fed's recent sessions, gold prices tend to weaken Go to the high rate of assembly during the next 120 trading days after that."
HSBC said it also expects investors to become net buyers of gold traded mutual funds again in 2016. Other investment categories should be such net long positions on the COMEX also increase.
"The recovery in ETF holdings and net long positions closer to historical levels should help to put the market on a positive path for 2016," the bank said.
It also expects the purchase of the central bank to maintain a high and, with the width unchanged to a large extent, this creates a favorable backdrop of the demand / supply.
HSBC said the central bank was strong demand this year by about 450,000 tons, "partly because of lower prices and the element of prestige that carries gold to central banks in emerging markets."
The informal sector is expected to buy about 500 tons in 2015, an increase of 35 tonnes in the last year, and 450 tons in 2016.
"Although we expect 2016 to be down for Purchases 2015 levels, they are still historically high price and supportive and therefore" he said.