On the 15th, supported by rising expectations of Federal Reserve interest rate cuts and increased safe-haven demand due to global trade tensions, international gold prices continued their upward trend. London spot gold prices reached $4,200.23 per ounce during trading, setting another record high. New York gold futures traded above $4,200 per ounce. As of 15:10 Beijing time on the 15th, London spot gold was quoted at $4,200.14 per ounce, with a daily increase of 1.4%.
December gold futures on the New York Commodity Exchange were quoted at $4,218.21 per ounce, with a daily increase of 1.32%. Since the beginning of this year, geopolitical and economic uncertainties, expectations of Federal Reserve rate cuts, increased gold purchases by central banks of major global economies, and rising gold ETF holdings have driven international gold prices to surge by over 55%. Analysts recently projected that gold prices will reach $5,000 per ounce by 2026, while another bank has raised its average gold price forecast for next year to $4,488 per ounce.
Driven by the surge in gold prices, silver prices have risen rapidly this year. As of Monday’s close, London spot silver settled at $52.27 per ounce, accumulating a 76.53% increase this year, exceeding gold’s cumulative gains.
