Gold steady near record highs as markets weigh…

24 September 2025

Gold Steady Near Record Highs as Markets Weigh Fed Signals and Geopolitical Risks

Today market analysis on behalf of Bas Kooijman is the CEO and Asset Manager of DHF Capital S.A

Gold traded close to record territory on Wednesday, supported by expectations of further Federal Reserve easing and ongoing safe-haven demand. The metal extended gains despite Chair Jerome Powell’s cautious remarks, in which he acknowledged both persistent inflation risks and signs of labor market weakness. Markets remain convinced of two additional 25-basis-point cuts this year, in October and December.

Attention now shifts to Friday’s release of the core PCE index, which could shape expectations for the pace of easing. A hotter print could weigh on bullion in the near term.

Meanwhile, investors are also looking to Thursday’s Swiss National Bank decision, with rates expected to remain at 0%. Together, this global low-yield environment strengthens the case for gold.

Geopolitical tensions continued to underpin demand. NATO described Russia’s airspace violation over Estonia as part of a broader pattern of aggression, warning it would deploy “all necessary measures” to defend members. At the same time, conflict in Gaza showed no signs of easing, reinforcing safe-haven flows into bullion.

 

Zaid Barem / ymm