The trend of international gold prices in October was ups and downs. First, it hit new highs one after another on October 8, successfully breaking through the US $4,000/oz mark. However, just one day later, on the 9th, the international gold price ushered in a "diving" market.

International gold prices fell more than 2.4% on the 9th

On October 9, Eastern Time, the prices of spot gold and spot silver both turned down after hitting new highs. The price of spot gold fell below the $4,000/oz mark. The December gold futures price on the New York Mercantile Exchange closed at $3,972.6 per ounce, a decrease of 2.41%, and the Philadelphia Gold and Silver Index closed down sharply by 4.19%.

As of October 9, COMEX gold futures fell significantly by 1.95%, reporting $3991.1 / ounce; COMEX silver futures fell by 2.73%, reporting $47,655 / ounce.

According to industry insiders, the main reason for the decline in gold prices is the continued strength of the US dollar index and the temporary easing of tensions in the Middle East. Some speculators choose to "settle in their pockets."

On the 10th, international gold prices rebounded against the trend

Then, gold suddenly reversed. On October 10, local time, global assets plummeted, U.S. stocks plummeted during the session, popular Chinese concept stocks generally fell, and international oil prices plummeted. However, international gold prices rebounded, with London gold cash and COMEX gold rising by more than 1%, hitting new highs during the session.

Gold has risen nearly 50% this year, its best annual gain since 1979. At the same time, precious metals such as silver and platinum also rose strongly.

However, analysts from many financial institutions have warned that the recent rapid rise in gold prices has been driven by a large number of speculative positions in addition to fundamental factors, thus accumulating a lot of correction risks. Bank of America, one of Wall Street's largest gold bulls, warned in its latest report that precious metals have fulfilled most of its rising expectations and that gold prices may fall back to US$3525 per ounce in the fourth quarter of 2025.

Will it go up again?

However, looking forward to the medium and long-term trend of gold prices, analysts generally believe that the long-term bull market foundation of gold is still solid, and the callback may be a good opportunity to buy.

Song Qing, deputy chairman of the Chinese Business and Economic Association, analyzed that in the short term (1-3 months) the price of gold will shake the bottom and need to pay attention to the policy turning point; from the medium term (6-12 months), the interest rate reduction cycle has begun, the price of gold is expected to reach $ 4,200; long-term (2-5 years) is expected to indicate $ 5,000.

In the long run, factors such as the restructuring of the global monetary credit system, the de-dollarization trend, the continued purchase of central banks and the structural imbalance of supply and demand constitute the core support for the rise of gold, this support system will not change fundamentally in the next two to three years, so the long-term stock market trend of gold will continue.

JPMorgan predicts that in extreme circumstances (funds flowing from U.S. bonds to gold), gold could surpass $5,000/ounce. Goldman Sachs also believes that if 1% of individual investors holding U.S. government bonds transfer money to gold, the price of gold will rise to $5,000/ounce.

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