HSBC Holdings PLCHSBA
± MixedCapitalrelevance
HSBC itself issued the revised gold price forecast, a research/valuation call with no clear directional impact on its own shares.
Impact on assets 2
Financials
HSBC Holdings PLCOthers
⛏Gold Futures
GOLD
▼ NegativeMonetaryrelevance
HSBC cut its 2026 average gold forecast to $4,490, citing Fed rate hikes and elevated rates that weigh on gold prices.
Theme Impact 1
Off-coverage companies
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United States
Thailand▲2
Gold Rebounds as Investors Raise Odds to 78.4% for Fed Rate Hold in October After Weak Jobs Data
Gold prices rebounded today after weak employment figures eased investors' concerns about interest rate hikes by the US Federal Reserve. As of 9:37 pm Thailand time, spot gold rose 0.43 dollars, or 0.01%, to 4,140.10 dollars per ounce, while COMEX December gold futures gained 7.00 dollars, or 0.17%, to 4,169.30 dollars per ounce. Investors increased their bets that the Fed will hold rates steady at its October meeting after the US Labor Department reported that nonfarm payrolls rose by only 29,000 in September, below analysts' forecast of 89,000, while the unemployment rate rose to 4.2%, against expectations that it would remain steady at 4.1%. The latest CME Group FedWatch Tool indicates that investors now assign a 78.4% probability to the Fed holding rates at 3.75-4.00% in October, up from just 29.1% a week earlier, and a 21.6% probability to a 0.25% rate hike to 4.00-4.25%, down from as much as 70.9% previously. However, gold's gains were capped by a stronger dollar, while investors await the minutes of the Fed's September monetary policy meeting, due for release on Wednesday.
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Critical Materials & Supply Chain › Precious Metals ▲Pricing
GOLD · Monetary · Positive Weak September jobs data (29k vs 89k forecast) raised odds of a Fed rate hold to 78.4%, easing rate-hike concerns and lifting gold prices.
Canada▲
Pan American Silver Plans $40-$43 Million 2026 Timmins Capital, $146 Million Camp Project
Pan American Silver Corp. estimates 2026 project capital of $40-$43 million for its Timmins operation in Ontario, where it expects to produce 105.5-115 thousand ounces of gold at an estimated AISC of $2,575-$2,675 per ounce. The Timmins operations consist of the Timmins West and Bell Creek underground gold mines, which supply ore to the Bell Creek processing plant with a design capacity of 5,600 tons per day and current throughput of 4,400 tons per day. Timmins produced 103.6 thousand ounces of gold in 2025 at an AISC of $2,443 per ounce, and the company plans to drill 118,000 meters at Timmins in 2026. In June 2026, Pan American Silver identified mineral resources at the Bell Creek mine and satellite deposits, and it is proceeding with a conceptual plan for phased development of these new resources. The company has commenced the first phase of the Timmins Camp Project following board approval and a total investment of $146 million.
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Critical Materials & Supply Chain › Gold ▲Supply
Critical Materials & Supply Chain › Precious Metals ▲Supply
PAAS · Capital · Positive Pan American Silver details 2026 Timmins capital spending of $40-$43M and a $146M Timmins Camp Project investment, advancing phased development of new resources.
New Zealand▲
OceanaGold Reports High-Grade Wharekirauponga Drill Results
OceanaGold reported new drilling results from its Wharekirauponga project in New Zealand in late September 2026, highlighting multiple wide, high-grade gold intercepts that reinforce the continuity of the southern high-grade EG Vein and associated hanging-wall structures. Drilling has accelerated with five active rigs, and promising intercepts outside the current resource model point to a potentially larger, better-defined mineralized system that could influence future resource classification and project planning. The company's narrative projects $2.2 billion in revenue and $764.2 million in earnings by 2028, requiring 12.7% yearly revenue growth and a $388.4 million earnings increase from $375.8 million today. The update comes as OceanaGold plans the April 2027 retirement of CEO Gerard Bond, who is set to stay on as a Special Advisor for six months. Before this Wharekirauponga update, the most pessimistic analysts were still penciling in about US$2.6 billion of revenue and US$1.4 billion of earnings by 2029.
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Critical Materials & Supply Chain › Gold ▲Supply
Critical Materials & Supply Chain › Precious Metals ▲Supply
OGC · Technology · Positive High-grade Wharekirauponga drill intercepts reinforce vein continuity and point to a potentially larger mineralized system, supporting future resource growth.
CanadaVelocity Minerals Appoints Erik Marchand to Board as Artemis Gold Nominee
Velocity Minerals Ltd. has appointed Erik Marchand to its board of directors as the nominee of Artemis Gold Inc. under the January 16, 2019 strategic investment agreement between the parties. Marchand replaces Gerrie van der Westhuizen, who resigned as a director of Velocity effective October 1, 2026. Marchand is a Chartered Professional Accountant with roughly 15 years of finance and accounting experience in the mining and natural resources sectors, and currently serves as Chief Financial Officer and Corporate Secretary of Artemis Gold Inc. He joined Artemis Gold in September 2021 as Corporate Controller and later became Vice President of Finance before being named Chief Financial Officer, and previously held senior finance roles at one of Glencore's international mining operations and began his career with Deloitte. Velocity President and CEO Keith Henderson thanked van der Westhuizen for his contribution to the board and welcomed Marchand as Artemis Gold's nominee.
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Critical Materials & Supply Chain › Precious Metals Capital
Critical Materials & Supply Chain › Gold Capital
Velocity Minerals Ltd. · Capital · Positive Velocity appoints Artemis Gold's CFO Erik Marchand to its board as Artemis Gold's nominee under their strategic investment agreement
United States
France▲
Silver Jumps 2.3% to Near $61.80 as Hawkish Fed Bets Recede
Silver price rose 2.3% to near $61.80 during Monday's European session as traders scaled back hawkish Federal Reserve expectations following soft September US labor data. The economy created just 29K jobs in September, below the 90K estimate and a prior reading revised down to 133K from 162K, while the Unemployment Rate climbed to 4.2% against expectations it would hold at 4.1%. According to the CME FedWatch tool, the odds of a Fed rate hike at this month's policy meeting have fallen to 19.4% from 70.9% a week ago. Deutsche Bank analysts, however, see the broader labor market as broadly stable and expect two further 25 basis point Fed hikes over the next couple of quarters. The US Dollar Index rose 0.3% to near 102.20 and touched a fresh annual high near 102.53, supported by safe-haven demand tied to heightened French fiscal risks. On the technical side, XAG/USD trades at $61.69 below its 20-day exponential moving average at $63.24, with the Relative Strength Index at 43.89, while $30 is the immediate support zone and the August 3 low sits at $56.57.
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Critical Materials & Supply Chain › Precious Metals ▲Pricing
SILVER · Monetary · Positive Silver jumped 2.3% as traders scaled back hawkish Fed bets after weak September US labor data cut rate-hike odds to 19.4%.
DBK.XETRA · Monetary · Neutral Deutsche Bank analysts expect two more 25bp Fed hikes, a view at odds with the article's dovish repricing after soft US jobs data.
United States
GlobalHua Seng Heng says gold will stay volatile on Fed and bond yields, recommends Gold Futures as a tool
Warawut Benjaputharak, Managing Director of Hua Seng Heng Gold Futures Co., Ltd., disclosed that short-term gold price direction remains volatile due to two main factors: a slowing labor market, which eases pressure on the Fed to raise rates and is a positive for gold, and long-term bond yields that remain at high levels, along with concerns over inflation and the U.S. fiscal position, which continue to cap any price recovery. Global gold faced heavy volatility after the United States reported that September non-farm payrolls rose by only 29,000, below market expectations, while the unemployment rate edged up from 4.1% to 4.2%. As a result, gold prices initially rebounded but were unable to hold above 4,200 dollars, before falling back to around 4,130 to 4,150 dollars per ounce. Investors should therefore keep a close watch on the bond market, especially the 10-year bond yield, real yields, and the dollar, alongside inflation data, the labor market, and energy prices. In a highly risky market environment, using tools such as Gold Futures and Mini Gold Online Futures to speculate along the trend and to hedge risk is highly beneficial.
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Critical Materials & Supply Chain › Precious Metals Pricing
GOLD · Monetary · Neutral Gold seen volatile on Fed rate pressure easing from weak payrolls versus high long-term bond yields and inflation/fiscal concerns; Gold Futures recommended as a hedging/speculation tool.