2025-10-07
Gold Prices Hit Record Highs, Sustaining Above $3,900 Per Ounce
Over the past two days, international gold prices have continued to rise, with spot gold surpassing US$3,900 per ounce for the first time during the Asian session on October 6, 2025, setting a new historical high. On October 7, spot gold reached as high as US$3,977.19 per ounce, marking the third consecutive day of gains and a year-to-date increase of more than 50%. On the same day, gold futures on the New York Commodity Exchange (COMEX) also briefly broke above the US$4,000 mark, making gold one of the strongest-performing assets of the year.
Key data and driving factors are as follows:
On October 6, London spot gold briefly hit US$3,958/oz, while COMEX gold futures on October 7 temporarily broke the US$4,000 threshold.
Chinese jewelry brands raised retail prices, with most 24K gold jewelry now exceeding RMB 1,130 per gram; for instance, Chow Sang Sang listed RMB 1,141/g.
The Bloomberg Dollar Index edged up 0.3%, signaling stronger safe-haven demand.
Goldman Sachs raised its year-end 2026 gold price target from US$4,300 to US$4,900, citing continued ETF inflows and central bank purchases.
The U.S. government shutdown and delayed economic data releases have heightened market uncertainty, further boosting risk aversion.
In summary, the record-breaking rally in gold reflects strong global safe-haven inflows and market expectations of potential Fed rate cuts. In the short term (1–2 months), persistent U.S. political gridlock or weak economic indicators may continue to support prices. Over the medium term (within six months), gold is expected to trade at elevated levels, driven by ongoing central bank buying and ETF inflows. Goldman Sachs also projects prices could challenge US$4,900 per ounce by end-2026, reaffirming gold’s role as a key safe-haven asset.