Gold prices have settled around $4,000 per ounce, showing robust buying interest at $3,900, as global experts maintain their $5,000 forecast.
The precious metal reached a record high in October, nearing $4,380 per ounce, fueled by central bank demand, geopolitical tensions, and trade disputes. Over the weekend, gold closed at $4,001.21 per ounce, a 0.44% increase. In Dubai, 24K and 22K gold closed at Dh482 and Dh446.25 per gram, respectively.
Stay informed with the latest updates. Follow KT on WhatsApp Channels.
“Gold has stabilized around the $4,000 mark over the past ten days, ending the week at nearly the same level it started. Sellers’ attempts to drop the price below $3,900 are met with strong buying interest. The US Supreme Court’s consideration of tariff illegality could lead to financial market turmoil if President Trump is defeated, boosting safe-haven asset appeal,” said Alex Kuptsikevich, chief market analyst at FxPro.
The World Gold Council estimates central bank bullion purchases in 2025 will be 750-900 tonnes, down from over 1,000 tonnes annually in the past three years.
“China’s removal of VAT credits for precious metal retailers will raise jewelry prices and decrease demand. ETF stocks are declining. HSBC, Bank of America, and Societe Generale maintain their $5,000 forecast, though the gold rally has stalled,” noted Kuptsikevich.
Joseph Dahrieh from Tickmill mentioned that gold remains near the critical $4,000 level, buoyed by potential US Federal Reserve rate cuts.
“Markets estimate a 65% chance of a December rate cut. However, caution from officials like Chicago Fed President Austan Goolsbee, who warned against premature easing, may limit gold’s gains. Geopolitical instability continues to drive safe-haven demand, with rising tensions in Eastern Europe and the Middle East highlighting gold’s appeal,” added Dahrieh.
Ahmad Assiri, research strategist at Pepperstone, noted gold’s consolidation below $4,000 as technically stable, attracting technical traders as the 50-day moving average aligns with spot prices.
