HSBC: The Gold Price Rally Will Be Capped

As commodity analysts across Wall Street rush to hike their price targets for gold following the precious metal’s recent rally, James Steel Chief Precious Metals Analyst at HSBC has adopted a more cautious stance. Indeed, Steel and his team at HSBC believe that gold bullion prices are now close to a ceiling after rallying 25% year-to-date. In a research note sent out to clients earlier this week, Steel explains why the bank believes gold is starting to lose its sparkle. A volatile outlook for the gold price  While some analysts believe that the price of gold could hit $1,400 per…