HSBC cut its average gold forecasts to $4,560/oz for 2026 and $4,925/oz for 2027, down from prior forecasts of $4,864/oz and $5,000/oz.

The PENTAGON is pressing Latin American governments to increase security spending to combat organized crime, saying at a biannual hemispheric defense ministers' meeting in Peru this week that defense budgets should be raised toward about 3.5% of GDP. Deputy Secretary Elbridge Colby said "increasing defense investment is essential" and specifically urged countries facing "narco-terrorism" to act.

Swiss National Bank chairman said a sharp rise in energy prices is the primary risk to global economic growth.