Gold prices hit another record high
2025-09-29 22:47:38
Gold and silver prices rose in early U.S. trading on Monday (September 29), with gold reaching a new all-time high and silver hitting a 14-year high. Market demand for safe-haven assets intensified due to the possibility of a U.S. government shutdown mid-week. December gold futures (currently trading approximately $30 above spot gold) were trading at $3,856.80 per ounce, up $48.00. December silver futures were trading at $47.23 per ounce, up $0.574.
Global stock markets saw mixed gains and losses overnight, with the overall trend stronger. Major US stock indices are expected to open higher when trading opens in New York.
Top US congressional leaders will meet with President Trump at the White House today to discuss a short-term spending bill—a deadline to avoid a federal government shutdown on Wednesday. Democrats insist the bill must include an extension of Medicaid subsidies and a restoration of healthcare budget cuts, while Republicans say negotiations on these issues can be postponed until the shutdown is averted. The short-term spending bill would only fund the government until mid-November and must be passed by October 1st. In the Senate, Republicans will need the support of at least some Democrats to pass it. The US dollar began the week under pressure due to uncertainty surrounding the government shutdown. Furthermore, Trump's threat to permanently lay off "non-essential" and unfunded federal employees, breaking with decades of tradition (which typically allows furloughed federal employees to return to work after funding is restored) in the event of a government shutdown further heightened the risk.
Elsewhere, a Bloomberg report indicates that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may increase oil production again in November as the alliance continues its strategy to regain global market share. OPEC+ will hold a virtual meeting on October 5th, where they may consider increasing production by at least 137,000 barrels per day (the same increase planned for October). However, Bloomberg also noted that no final decision has been made yet, and discussions before the meeting are still subject to change. Notably, OPEC+'s planned increase for October is significantly lower than the increases announced in the previous two months, and representatives at the time emphasized that the actual increase could be even smaller due to the lack of production capacity in some member countries. This news put pressure on crude oil prices on the New York Mercantile Exchange (Nymex) at the start of this week's trading.
A Goldman Sachs report predicts that global stock markets are expected to continue their upward trend until the end of the year, given the solid performance of the US economy, supportive stock market valuations, and the Federal Reserve's dovish shift signals. "Strong earnings growth, the Federal Reserve's accommodative policy in a recession-free environment, and loose global fiscal policy will continue to support the stock market," Goldman Sachs wrote in the report. "Given the manageable risk of recession, we recommend buying stocks on dips before the end of the year."
Today's key external market dynamics are as follows: the US dollar index fell slightly; crude oil prices fell, currently trading around $64.25 per barrel; the benchmark 10-year US Treasury yield is currently 4.15%.
U.S. economic data due for release today includes pending home sales data and a Texas manufacturing outlook survey.
Technical Analysis
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a clear overall near-term advantage. Bulls' next upside objective is to push futures prices above the key resistance level of $4,000/oz. Bears' immediate downside objective is to push futures prices below the key technical support level of $3,700/oz. First resistance is seen at $3,875/oz, with further resistance at $3,900/oz. First support is seen at $3,800/oz, with further support at this week's low of $3,785.50/oz, reached overnight.
From a technical perspective, December silver futures bulls also have a clear advantage in the overall near-term technical picture. Silver bulls' next upside price objective is a close above key technical resistance at $50.00/oz. Bears' immediate downside price objective is a close below key support at $44.00/oz. First resistance is seen at $47.50/oz, with further resistance at $48.00/oz. First support is seen at the overnight low of $46.27/oz, with further support at $46.00/oz.
At 22:43 Beijing time, spot gold was trading at $3,825.86 per ounce, up 1.72%. Spot silver was trading at $46.934 per ounce, up 1.92%. COMEX gold was trading at $3,855.3 per ounce, up 1.22%. COMEX silver was trading at $46.934 per ounce, up 1.08%.
Global stock markets saw mixed gains and losses overnight, with the overall trend stronger. Major US stock indices are expected to open higher when trading opens in New York.
Top US congressional leaders will meet with President Trump at the White House today to discuss a short-term spending bill—a deadline to avoid a federal government shutdown on Wednesday. Democrats insist the bill must include an extension of Medicaid subsidies and a restoration of healthcare budget cuts, while Republicans say negotiations on these issues can be postponed until the shutdown is averted. The short-term spending bill would only fund the government until mid-November and must be passed by October 1st. In the Senate, Republicans will need the support of at least some Democrats to pass it. The US dollar began the week under pressure due to uncertainty surrounding the government shutdown. Furthermore, Trump's threat to permanently lay off "non-essential" and unfunded federal employees, breaking with decades of tradition (which typically allows furloughed federal employees to return to work after funding is restored) in the event of a government shutdown further heightened the risk.
Elsewhere, a Bloomberg report indicates that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) may increase oil production again in November as the alliance continues its strategy to regain global market share. OPEC+ will hold a virtual meeting on October 5th, where they may consider increasing production by at least 137,000 barrels per day (the same increase planned for October). However, Bloomberg also noted that no final decision has been made yet, and discussions before the meeting are still subject to change. Notably, OPEC+'s planned increase for October is significantly lower than the increases announced in the previous two months, and representatives at the time emphasized that the actual increase could be even smaller due to the lack of production capacity in some member countries. This news put pressure on crude oil prices on the New York Mercantile Exchange (Nymex) at the start of this week's trading.
A Goldman Sachs report predicts that global stock markets are expected to continue their upward trend until the end of the year, given the solid performance of the US economy, supportive stock market valuations, and the Federal Reserve's dovish shift signals. "Strong earnings growth, the Federal Reserve's accommodative policy in a recession-free environment, and loose global fiscal policy will continue to support the stock market," Goldman Sachs wrote in the report. "Given the manageable risk of recession, we recommend buying stocks on dips before the end of the year."
Today's key external market dynamics are as follows: the US dollar index fell slightly; crude oil prices fell, currently trading around $64.25 per barrel; the benchmark 10-year US Treasury yield is currently 4.15%.
U.S. economic data due for release today includes pending home sales data and a Texas manufacturing outlook survey.
Technical Analysis
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a clear overall near-term advantage. Bulls' next upside objective is to push futures prices above the key resistance level of $4,000/oz. Bears' immediate downside objective is to push futures prices below the key technical support level of $3,700/oz. First resistance is seen at $3,875/oz, with further resistance at $3,900/oz. First support is seen at $3,800/oz, with further support at this week's low of $3,785.50/oz, reached overnight.
From a technical perspective, December silver futures bulls also have a clear advantage in the overall near-term technical picture. Silver bulls' next upside price objective is a close above key technical resistance at $50.00/oz. Bears' immediate downside price objective is a close below key support at $44.00/oz. First resistance is seen at $47.50/oz, with further resistance at $48.00/oz. First support is seen at the overnight low of $46.27/oz, with further support at $46.00/oz.
At 22:43 Beijing time, spot gold was trading at $3,825.86 per ounce, up 1.72%. Spot silver was trading at $46.934 per ounce, up 1.92%. COMEX gold was trading at $3,855.3 per ounce, up 1.22%. COMEX silver was trading at $46.934 per ounce, up 1.08%.
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