As of the evening of October 20th, global gold prices rebounded sharply after a steep decline in the previous Friday’s session. By 22:05 (Vietnam time), spot gold prices surged by over 2% compared to the previous week’s close, reaching nearly $4,337 per ounce. U.S. December gold futures climbed 3.4% to approximately $4,358 per ounce.
Source: Kitco.com
Earlier, spot gold had hit a record high of $4,378.69 per ounce on Friday but closed 1.8% lower—its sharpest decline since mid-May—following comments from U.S. President Donald Trump that eased some concerns about U.S.-China trade tensions.
Jeffrey Christian, managing partner at CPM Group, noted that political and economic worries are driving prices higher again after Friday’s sell-off. He added, “We expect prices to rise further in the coming weeks and months, and we wouldn’t be surprised to see $4,500 per ounce soon.”
The prolonged U.S. government shutdown, now in its 20th day, has delayed the release of critical economic data, leaving investors and policymakers data-starved ahead of next week’s Federal Reserve policy meeting.
Meanwhile, traders are pricing in a 99% chance of a Fed rate cut next week, with another cut expected in December. Gold, a non-yielding asset, tends to benefit from a low-interest-rate environment.
Investors are also closely monitoring updates on U.S.-China trade negotiations, after President Trump confirmed on Friday that his planned meeting with Chinese President Xi Jinping remains on track.
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