Major financial institutions are signaling confidence in precious metals momentum. HSBC's research team projects spot gold could climb toward the $5,000 mark during the first quarter of 2026. This forecast reflects growing expectations around inflation persistence and central bank policy directions heading into 2026. Gold's historical role as a store of value gains renewed attention when investors weigh portfolio hedging strategies against traditional equities. The projection carries implications for broader asset allocation thinking, especially as market participants reassess risk-on and risk-off positioning across different market cycles. Worth monitoring as we approach the final stretch of 2025.