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Gold touched another record high on Tuesday as momentum continues to build for a US interest rate cut next week. Spot gold hit a new high of $3,673.49 per ounce, surpassing its previous record of $3,636.71 from just a day ago. By noon ET, it retreated to $3,646.64 an ounce, for an intraday gain of 0.3%. US gold futures followed a similar trajectory, rising to as high as $3,715.20 an ounce before pulling back to the $3,680 level. Click on chart for live prices. The move pushes gold’s year-to-date gains to nearly 40%. During 2025, the yellow metal set multiple records, driven by a soft dollar, strong central bank buying and heightened global uncertainty. Since the April high of $3,500, bullion has traded within a tight range, with investors monitoring the path of US monetary policy as the global tariffs unleashed by President Donald Trump begin to take effect. In recent weeks, gold began to surge again on expectations that the Federal Reserve will finally begin cutting interest rates after a slew of new US data hinted at an economic slowdown. A lower rate would benefit non-yielding assets such as bullion. “This rally is largely driven by expectations that the Federal Reserve will begin cutting rates, potentially as early as September,” said Bart Melek, head of commodity strategies at TD Securities. The upcoming US producer and consumer price data could offer further cues ahead of the FOMC meeting next week. Traders are currently widely pricing in a 25-basis-point rate cut, with some even betting on a larger 50-basis-point move. “If the US economy does a little weaker, that essentially means that we could see more flows into non-standard asset classes like gold to hedge against that potential decline,” Melek adds. John Ciampaglia, CEO of Sprott Asset Management, said: “We’re very bullish even at $3,600 – we think the markets will continue to rally because we don’t see a shift that’s going to happen with respect to tariff policy, trade relations (or) geopolitics.” (With files from Reuters)

This is a follow-up analysis and an update of our prior publication, “Gold (XAU/USD) Technical: Bullish acceleration supported rising implied volatility”, published on 2 September 2025. The precious yellow metal has staged the expected bullish breakout above its former all-time high of US$3,500 printed on 22 April 2025. Gold (XAU/USD) rallied by 5.3% to hit a current fresh intraday record high of US$3,655 at the time of writing. Lower opportunity costs reinforced the current bullish acceleration phase of Gold Fig. 1: 10-YR US Treasury real yield major trend with Gold (XAU/USD) as of 9 Sep 2025 (Source: TradingView). Gold (XAU/USD), as a non-interest-bearing asset, tends to benefit in lower-rate environments. A decline in interest rates reduces the opportunity cost of holding gold, thereby supporting stronger demand. This dynamic can reinforce bullish momentum, potentially creating a positive feedback loop that drives further price appreciation. Since Fed Chair Powell’s dovish speech at Jackson Hole on 22 August, the 10-year US Treasury real yield (stripping out 10-year inflation expectations derived from the 10-year US Treasury inflation-protected bond) has declined by 19 basis points (bps) to a current level of 1.66% from 1.85% (see Fig. 1). Let’s now examine Gold (XAU/USD)’s latest short-term (1 to 3 days) trajectory and key technical levels to watch. Fig. 2: Gold (XAU/USD) minor trend as of 9 Sep 2025 (Source: TradingView) Preferred trend bias (1-3 days) Maintain bullish bias with a key short-term pivotal support at US$3,600 for Gold (XAU/USD). Minor bullish impulsive up move sequence is likely in progress, and a clearance above US$3,670 sees the next intermediate resistances coming in at US$3,697 and US$3,725 (Fibonacci extension cluster) (see Fig. 2). Key elements The current price actions of Gold (XAU/USD) in place since the 29 August 2025 low of US$3,404, are classified as a bullish acceleration movement depicted by a steeper minor ascending channel.The lower boundary of the steeper minor ascending channel confluences closely with the US$3,500 key short-term pivotal support.The hourly RSI momentum indicator has managed to find support at its parallel ascending support after it exited from its overbought zone in today’s Asia session (9 September).Alternative trend bias (1 to 3 days) A break below the US$3,600 key short-term support on Gold (XAU/USD) invalidates the bullish tone to trigger a deeper minor corrective decline towards the next intermediate supports at US$3,561 and US$3,536. Opinions are the authors'; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. The provided publication is for informational and educational purposes only. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please refer to the MarketPulse Terms of Use. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2025 OANDA Business Information & Services Inc.