Gold prices have surged and then retreated but remain at a high level, with the price per gram of gold jewelry rising by 28 yuan! Multiple factors support the volatile market.

On the morning of October 31, 2025, gold prices exhibited a high-to-low trend, reaching a peak of $4046.13 per ounce during the session, before fluctuating back down to around $4010, a decrease of 0.26% from the intraday high. Meanwhile, the price of gold jewelry in the terminal market also rose, with the price per gram increasing by 28 yuan, once again attracting market attention.

Current gold prices are running high, supported by three main factors: First, the suspense of the Federal Reserve's interest rate cut in December continues. Although the rate was cut by 25 basis points at the October meeting as scheduled, Powell clearly stated that a rate cut in December is not "set in stone." There are significant internal disagreements within the FOMC, and the market's expectation of easing has intensified the demand for precious metals; Second, the U.S. government shutdown has entered its fourth week. This ongoing political deadlock has led to 60,000 airport employees working without pay and widespread flight delays. The Congressional Budget Office has warned that it could cause economic losses of $7 billion to $14 billion, and the risk-averse sentiment continues to support gold prices; Third, uncertainties in international situations such as the U.S.-China trade agreement further reinforce the safe-haven properties of gold.

It is particularly important to note that after Powell downplayed rate cut expectations, the US dollar and US Treasury yields have risen in the short term, and gold has shown signs of stage adjustment pressure, with significant increases in daily fluctuations in gold prices recently. For investors, it is necessary to be wary of high-level volatility risks and closely monitor the Federal Reserve's policy signals and the progress of the US government shutdown.

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