Bulls are highly motivated, and gold prices continue to reach new highs since mid-May.

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智通财经2026/08/25 02:01

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In early Asian trading on Tuesday, spot gold extended its rally, rising as much as 0.95% to $4,696.55 per ounce, once again reaching its highest level since May 14. Gold prices continued to find support after the U.S. Treasury announced last week that it would double the scale of long-term Treasury buybacks. However, with some short-term bulls taking profits near the $4,700 mark, gold prices have now retreated to around $4,670 per ounce, narrowing the gain to 0.4%.
The market focus is now shifting to the U.S. Personal Consumption Expenditures Price Index to be released on Wednesday, which is the Federal Reserve’s preferred key inflation gauge. Both traders and analysts are closely watching Federal Reserve Chair Walsh’s first speech later this week at the Jackson Hole Symposium, hoping to glean guidance on the recent surge in bond yields and seeking assurances of his independence from the Trump administration, which further highlights the importance of this speech.
Citigroup on Monday raised its 0- to 3-month gold price target to $4,800 per ounce and said there is still upside potential in the current rally. The bank maintained its 6- to 12-month gold price target at $5,000, citing expectations that tensions in the Strait of Hormuz will eventually ease, real interest rates will decline, and the Federal Reserve’s stance will turn more dovish.
On the geopolitical front, the United States on Monday announced an expanded sanctions plan, stating that the move would cut off Iran’s economic lifeline but stopped short of implementing the most severe measures immediately. Instead, it issued a global warning urging an end to commercial ties with Iran. This “warning-style sanction” has not caused any significant new supply disruptions, leading to lower oil prices and providing room for correction in gold’s inflation expectations.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Bulls are highly motivated, and gold prices continue to reach new highs since mid-May.

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