Driven by the dollar shorts, the long-sluggish gold price suddenly began to soar after hitting a recent price low of $1,614.59 per ounce. From the evening of September 28 to the morning of September 29, Beijing time, international gold prices rose by more than US$40, closing at U

2025/04/3001:08:34 hotcomm 1812

Driven by US dollar shorts, the long-sluggish gold price suddenly began to soar after hitting a recent price low of $1,614.59 per ounce. From the evening of September 28 to the morning of September 29, Beijing time, international gold prices rose by more than US$40, closing at at the end of the US market at at 1,659.77 per ounce. Among them, the highest in the day reached US$1,662.62 per ounce, with a sharp rise of nearly 2% throughout the day. COMEX December gold futures also closed up 2.1% at $1,670.00 per ounce. However, after the Asian market opened in the early trading on September 29, the spot gold price declined in the short term. As of 10:30 am Beijing time, the gold price was at about US$1,655 per ounce.

The reason for the sudden rise in gold prices is mainly because the dollar index fell sharply from its 20-year high, alleviating the pressure on gold. The investment community generally believes that the slight decline in the US dollar has rekindled the risk-haven appeal of gold, but the prospect of a sharp rate hike in still keeps gold prices at a low level in two and a half years. In addition, U.S. Treasury yields also fell after climbing to their highest level since January 2008. It is reported that the yield on the 10-year U.S. Treasury bond is currently 3.705%, which had previously set a new record in the past 15 years, once exceeding 4%.

As gold rose sharply, the prices of other precious metals also rose. Yesterday, spot silver html closed up 2.75% in the day, spot palladium html closed up 3.32% in the day, and spot platinum rose 2.01% in the day.

Beijing Youth Daily reporter noticed that with the rise of international gold prices, domestic gold jewelry prices have also risen. On the morning of 9/29, the price of gold jewelry in mainstream gold shops in Beijing increased. At present, the price of gold 999 jewelry in gold shops including Caibai and Guohua is 489 yuan/gram, up 7 yuan from 482 yuan/gram the day before; the price of gold 990 jewelry is 485 yuan/gram, up 7 yuan from the previous day. However, the current price of 999 is not adjusted, and it is still 355 yuan per gram.

text/Beijing Youth Daily reporter Zhang Qin

edit/tianye

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