HSBC raises average gold forecast to $1,613/oz for 2020

HSBC has raised its average gold price forecasts to  $1,613/oz for 2020 and $1,575/oz for 2021, from $1,560/oz and $1,525/oz, Reuters reported on Friday.

"We believe gold is set to move modestly higher in 2020 if global economic and geopolitical outlooks remain uncertain or ratchet higher," HSBC explained.

As of writing, gold was trading at $1,559, adding 0.42%, or $6.5, on the day. Earlier in the week, heightened geopolitical tensions in the Middle East boosted the demand for the safe-haven gold and lifted the XAU/USD pair to its highest level since March 2013 at $1,611.