Gold Daily | Spot Gold Hits Record High as US-China Tensions and Fed Rate Cut Expectations Drive Surge

【Latest Gold Price and Recent Trends】

International gold prices climbed to a new record high, driven by the threat of additional US tariffs on China and increased rate cut expectations by the Federal Reserve. Spot gold rose 1.4% to $4,074.02, with an intraday high of $4,079.62.

【Technical Analysis】

The RSI for both gold and silver indicates they are in overbought territory, suggesting potential short-term pullbacks. Gold's daily chart remains in an ascending channel, with potential to test $4,100 and $4,138. On a 4-hour chart, support at $3,939 has helped maintain its upward trajectory.

【Market Sentiment and Economic Background】

Geopolitical tensions, strong central bank purchases, and the Fed's dovish stance have bolstered gold's appeal this year, with a 53% rise. Expectations of Fed rate cuts in October and December add to this sentiment. The upcoming US CPI data on October 24 is a key short-term focal point.

【Analyst Opinions】

UBS and other analysts highlight strong investment demand and central bank buying as supportive for gold, with targets of up to $4,200. Despite potential short-term corrections, the overall bullish trend remains, with geopolitical and economic uncertainties providing a strong backdrop for continued gains.