Gold prices surge to record highs
2025-10-15 23:51:20
Gold prices surged during U.S. trading on Wednesday, October 15th, with December gold futures (currently trading approximately $10 above the spot price) reaching a record high of $4,235.80. Silver prices also saw significant gains today. Mid-week, the market was primarily driven by safe-haven demand and technical buying. December gold futures rose $53.60 to $4,217.00, while December silver futures rose $0.893 to $51.53.
Escalating trade tensions, coupled with uncertainty surrounding the US government shutdown, have boosted safe-haven demand for both metals. A severe shortage of silver in the London market has led to a short squeeze, pushing local prices significantly higher than those in New York. When asked if he owns gold, JPMorgan Chase CEO Jamie Dimon said, "I don't buy gold—it costs 4% to hold." He added, according to Bloomberg, at Fortune's "Most Powerful Women" conference in Washington on Tuesday, "In the current environment, gold could easily reach $5,000, or even $10,000. There are only a few times in your life when it's even half-rational to include gold in your portfolio."
Federal Reserve Chairman Jerome Powell also signaled an accommodative stance on Tuesday, stating that US monetary policy will remain accommodative, which is positive for the precious metals market. In a speech to an economic group, he indicated that the Fed is expected to cut interest rates by another 25 basis points later this month. Powell noted that the current slowdown in US job growth suggests further weakness in the labor market; if job vacancies continue to decline, the unemployment rate could rise. The Fed is scheduled to hold its monetary policy meeting on October 28-29. He also stated that due to the US government shutdown, he and his colleagues are exploring alternative data sources to gain a more comprehensive understanding of the US economic situation.
Global stock markets saw mixed gains and losses overnight, but overall showed signs of recovery. Major US stock indices are expected to open higher when trading begins in New York.
Data released by China's National Bureau of Statistics on Tuesday showed that China's Consumer Price Index (CPI) fell 0.3% year-on-year in September 2025, exceeding market expectations of a 0.1% drop but slightly less than the 0.4% drop in August. The decline in food prices widened further (-4.4% in September and -4.3% in August), marking the largest drop since January 2024. Prices of all commodities fell across the board, with pork prices experiencing a further decline due to ample supply, lower production costs, and weak demand ahead of the Golden Week holiday. The core CPI, which excludes food and energy prices, rose 1.0% year-on-year, the highest level in 19 months, following a 0.9% increase in August. Month-on-month, the CPI rose only 0.1% in September, missing market expectations of a 0.2% increase, while the CPI remained flat in August.
Today's key external market data showed that the US dollar index weakened; crude oil prices were basically flat, currently trading around US$58.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.011%.
Technical Analysis
December gold futures
(Comex Gold Daily Chart Source: Yihuitong)
In the short term, bulls hold a significant overall technical advantage, but may be showing signs of short-term fatigue. The next bullish objective is to push futures prices above the key resistance level of $4,300.00. The next short-term bearish objective is to push futures prices below the key support level of $4,000.00. First resistance levels are the overnight all-time high of $4,235.80, followed by $4,250.00. First support levels are the overnight low of $4,157.30, followed by $4,100.00.
December silver futures
(Comex Silver Daily Chart Source: Yihuitong)
Bulls have a solid overall short-term technical advantage, but are showing signs of fatigue. Silver bulls' next objective is a close above key technical resistance at $55.00. Bears' next objective is a close below support at last week's low of $46.70. First resistance lies at the overnight high of $51.88, followed by the all-time high of $52.495. First support lies at the overnight low of $50.31, followed by $50.00.
Escalating trade tensions, coupled with uncertainty surrounding the US government shutdown, have boosted safe-haven demand for both metals. A severe shortage of silver in the London market has led to a short squeeze, pushing local prices significantly higher than those in New York. When asked if he owns gold, JPMorgan Chase CEO Jamie Dimon said, "I don't buy gold—it costs 4% to hold." He added, according to Bloomberg, at Fortune's "Most Powerful Women" conference in Washington on Tuesday, "In the current environment, gold could easily reach $5,000, or even $10,000. There are only a few times in your life when it's even half-rational to include gold in your portfolio."
Federal Reserve Chairman Jerome Powell also signaled an accommodative stance on Tuesday, stating that US monetary policy will remain accommodative, which is positive for the precious metals market. In a speech to an economic group, he indicated that the Fed is expected to cut interest rates by another 25 basis points later this month. Powell noted that the current slowdown in US job growth suggests further weakness in the labor market; if job vacancies continue to decline, the unemployment rate could rise. The Fed is scheduled to hold its monetary policy meeting on October 28-29. He also stated that due to the US government shutdown, he and his colleagues are exploring alternative data sources to gain a more comprehensive understanding of the US economic situation.
Global stock markets saw mixed gains and losses overnight, but overall showed signs of recovery. Major US stock indices are expected to open higher when trading begins in New York.
Data released by China's National Bureau of Statistics on Tuesday showed that China's Consumer Price Index (CPI) fell 0.3% year-on-year in September 2025, exceeding market expectations of a 0.1% drop but slightly less than the 0.4% drop in August. The decline in food prices widened further (-4.4% in September and -4.3% in August), marking the largest drop since January 2024. Prices of all commodities fell across the board, with pork prices experiencing a further decline due to ample supply, lower production costs, and weak demand ahead of the Golden Week holiday. The core CPI, which excludes food and energy prices, rose 1.0% year-on-year, the highest level in 19 months, following a 0.9% increase in August. Month-on-month, the CPI rose only 0.1% in September, missing market expectations of a 0.2% increase, while the CPI remained flat in August.
Today's key external market data showed that the US dollar index weakened; crude oil prices were basically flat, currently trading around US$58.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.011%.
Technical Analysis
December gold futures
(Comex Gold Daily Chart Source: Yihuitong)
In the short term, bulls hold a significant overall technical advantage, but may be showing signs of short-term fatigue. The next bullish objective is to push futures prices above the key resistance level of $4,300.00. The next short-term bearish objective is to push futures prices below the key support level of $4,000.00. First resistance levels are the overnight all-time high of $4,235.80, followed by $4,250.00. First support levels are the overnight low of $4,157.30, followed by $4,100.00.
December silver futures
(Comex Silver Daily Chart Source: Yihuitong)
Bulls have a solid overall short-term technical advantage, but are showing signs of fatigue. Silver bulls' next objective is a close above key technical resistance at $55.00. Bears' next objective is a close below support at last week's low of $46.70. First resistance lies at the overnight high of $51.88, followed by the all-time high of $52.495. First support lies at the overnight low of $50.31, followed by $50.00.
- 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.
