Gold prices rise on safe-haven buying and technical factors
2025-09-12 23:15:35
Gold and silver prices rose in early U.S. trading on Friday, September 11th, with silver climbing to a 14-year high. Safe-haven demand was evident as the week wound down and the weekend approached, while bullish technical trends also attracted buying interest from chart traders. As of the latest trading, December gold futures were trading $16.30 higher at $3,689.90 (currently around $40 above spot gold), while December silver futures were trading $0.731 higher at $42.88.
This week, spot gold prices hit a record high of $3,674.27 per ounce. According to one valuation method, the current spot gold price has surpassed the inflation-adjusted peak reached on January 21, 1980, when the price peaked at $850, which converts to about $3,590 in current dollars.
A Bloomberg report pointed out: "The driving force behind the rise in gold prices is the market's growing concerns about the direction of the US economy, and investors are seeking to hedge against rising prices and currency devaluation risks; if the stock market begins to fluctuate, gold prices may rise further sharply."
Global stock markets showed mixed performance overnight, with major U.S. stock indices expected to open slightly lower when trading begins in New York.
Separately, U.S. Treasury Secretary Bessent will meet with Chinese Vice Premier He Lifeng in Madrid, Spain, next week to discuss trade, economic, and national security issues—another sign of progress in the dialogue between China and the United States. The schedule released by the U.S. Treasury on Thursday indicated that next week's talks will also cover TikTok's operational status and measures to combat money laundering. The economic talks follow multiple rounds of communication this week between the two countries, paving the way for a potential summit between Chinese President Xi Jinping and U.S. President Trump.
Sergio Gor, President Trump's nominee for ambassador to India, has revealed that the United States and India are close to resolving their differences on a trade agreement. Gore made the remarks during his confirmation hearing before the U.S. Senate on Thursday. India's purchase of Russian oil remains a core point of tension in the relationship between the two countries, with the United States demanding that India halt the purchase. The U.S., accusing India of financing Russian President Vladimir Putin's war in Ukraine, has imposed tariffs on India as punishment.
A Bloomberg report indicates that U.S. mortgage rates saw their biggest drop in a year this week, driving a surge in refinancing demand. Freddie Mac data shows that the average rate on a 30-year fixed-rate mortgage fell to 6.35% from 6.5% last week. Kevin Peranio, a partner at Paramount Residential Mortgage Group, said falling rates will also stimulate demand for home purchases. Borrowing costs have generally been declining in recent months, but after last Friday's weaker-than-expected non-farm payroll report increased the likelihood of further interest rate cuts from the Federal Reserve, borrowing costs have fallen again.
As of Monday, consumers could lock in a 30-year mortgage rate of 6.27%, the lowest in nearly a year, according to Optimal Blue, a Texas-based mortgage technology provider. The company also noted that as rates edged back up on Tuesday, the volume of mortgage refinance rate locks surged to its highest single-day level since 2022.
Today's key external market conditions show that the US dollar index rose slightly, crude oil prices also rose slightly, currently trading at around US$63.3 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.066%.
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a clear overall near-term technical advantage. Bulls' next upside objective is to push futures prices above the key resistance level of $3,750.00. Bears' immediate downside objective is to push futures prices below the key technical support level of $3,550.00. First resistance is seen at $3,700.00, with further resistance at this week's contract high of $3,715.20. First support is seen at the overnight low of $3,667.30, with further support at $3,650.00.
December silver futures bulls also have a clear overall near-term technical advantage. A bullish flag or pennant pattern has formed on the daily chart. Silver bulls' next upside objective is closing futures prices above key resistance at $45.00. Bears' immediate downside objective is pushing futures prices below key support at $40.00. First resistance is seen at $43.50, with further resistance at $44.00. First support is seen at $42.00, with further support at this week's low of $41.08.
At 23:12 Beijing time, spot gold was trading at $3,644.03 per ounce, up 0.28%. COMEX gold was trading at $3,681.5 per ounce, up 0.22%. Spot silver was trading at $42.122 per ounce, up 1.43%. COMEX silver was trading at $42.65 per ounce, up 1.19%.
This week, spot gold prices hit a record high of $3,674.27 per ounce. According to one valuation method, the current spot gold price has surpassed the inflation-adjusted peak reached on January 21, 1980, when the price peaked at $850, which converts to about $3,590 in current dollars.
A Bloomberg report pointed out: "The driving force behind the rise in gold prices is the market's growing concerns about the direction of the US economy, and investors are seeking to hedge against rising prices and currency devaluation risks; if the stock market begins to fluctuate, gold prices may rise further sharply."
Global stock markets showed mixed performance overnight, with major U.S. stock indices expected to open slightly lower when trading begins in New York.
Separately, U.S. Treasury Secretary Bessent will meet with Chinese Vice Premier He Lifeng in Madrid, Spain, next week to discuss trade, economic, and national security issues—another sign of progress in the dialogue between China and the United States. The schedule released by the U.S. Treasury on Thursday indicated that next week's talks will also cover TikTok's operational status and measures to combat money laundering. The economic talks follow multiple rounds of communication this week between the two countries, paving the way for a potential summit between Chinese President Xi Jinping and U.S. President Trump.
Sergio Gor, President Trump's nominee for ambassador to India, has revealed that the United States and India are close to resolving their differences on a trade agreement. Gore made the remarks during his confirmation hearing before the U.S. Senate on Thursday. India's purchase of Russian oil remains a core point of tension in the relationship between the two countries, with the United States demanding that India halt the purchase. The U.S., accusing India of financing Russian President Vladimir Putin's war in Ukraine, has imposed tariffs on India as punishment.
A Bloomberg report indicates that U.S. mortgage rates saw their biggest drop in a year this week, driving a surge in refinancing demand. Freddie Mac data shows that the average rate on a 30-year fixed-rate mortgage fell to 6.35% from 6.5% last week. Kevin Peranio, a partner at Paramount Residential Mortgage Group, said falling rates will also stimulate demand for home purchases. Borrowing costs have generally been declining in recent months, but after last Friday's weaker-than-expected non-farm payroll report increased the likelihood of further interest rate cuts from the Federal Reserve, borrowing costs have fallen again.
As of Monday, consumers could lock in a 30-year mortgage rate of 6.27%, the lowest in nearly a year, according to Optimal Blue, a Texas-based mortgage technology provider. The company also noted that as rates edged back up on Tuesday, the volume of mortgage refinance rate locks surged to its highest single-day level since 2022.
Today's key external market conditions show that the US dollar index rose slightly, crude oil prices also rose slightly, currently trading at around US$63.3 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.066%.
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a clear overall near-term technical advantage. Bulls' next upside objective is to push futures prices above the key resistance level of $3,750.00. Bears' immediate downside objective is to push futures prices below the key technical support level of $3,550.00. First resistance is seen at $3,700.00, with further resistance at this week's contract high of $3,715.20. First support is seen at the overnight low of $3,667.30, with further support at $3,650.00.
December silver futures bulls also have a clear overall near-term technical advantage. A bullish flag or pennant pattern has formed on the daily chart. Silver bulls' next upside objective is closing futures prices above key resistance at $45.00. Bears' immediate downside objective is pushing futures prices below key support at $40.00. First resistance is seen at $43.50, with further resistance at $44.00. First support is seen at $42.00, with further support at this week's low of $41.08.
At 23:12 Beijing time, spot gold was trading at $3,644.03 per ounce, up 0.28%. COMEX gold was trading at $3,681.5 per ounce, up 0.22%. Spot silver was trading at $42.122 per ounce, up 1.43%. COMEX silver was trading at $42.65 per ounce, up 1.19%.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
