London Gold Price Breaks Through $4,200/ounce

On the 15th local time, international gold prices (金価格)continued their upward trend, supported by rising expectations of a Federal Reserve rate cut and increased safe-haven demand driven by global trade tensions. London spot gold prices hit a new intraday high of $4,200.23 per ounce. New York gold futures were trading above $4,200 per ounce. As of 3:10 PM Beijing time on the 15th, London spot gold prices were at $4,200.14 per ounce, a 1.4% increase on the day.

December gold futures on the New York Mercantile Exchange were at $4,218.21 per ounce, a 1.32% increase on the day. So far this year, geopolitical and economic uncertainties, expectations of a Federal Reserve rate cut, a surge in gold purchases by major central banks worldwide, and increased holdings of gold ETFs have contributed to a surge in international gold prices exceeding 55%. Analysts at Bank of America and Societe Generale recently predicted that gold prices will reach $5,000 per ounce by 2026, while Standard Chartered 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 closed at $52.27 per ounce, a year-to-date increase of 76.53%, surpassing gold’s cumulative gains.