Gold prices hover near record peaks

September 24, 2025 (MLN):  Gold traded near all-time highs on Wednesday, with investors digesting U.S. Federal Reserve Chair Jerome Powell’s cautious tone on monetary policy and awaiting fresh U.S. economic indicators later this week.

Spot gold was up 0.71% at $3,772.04 an ounce as of [11:45 am] PST, according to data reported by Mettis Global.

Powell, speaking on Tuesday, said the Fed must strike a balance between curbing inflation and supporting a cooling labor market.

His remarks avoided clear signals on the timing of rate changes, leaving markets searching for clues.

According to OANDA senior analyst Kelvin Wong, gold’s momentum has paused due to overbought conditions and Powell’s even-handed comments, but both the short- and medium-term outlook remain constructive.

Focus now shifts to Thursday’s jobless claims report and Friday’s Personal Consumption Expenditures index, the Fed’s preferred inflation measure.

Goldman Sachs, in a note released Tuesday, forecast quarter-point rate cuts in October and December.

The bank added that a larger half-point cut could be possible should employment weaken further, followed by additional reductions in 2026 that would lower rates to 3%–3.25%.

On the geopolitical stage, NATO warned Russia that it was ready to respond with “all necessary tools” if needed, while U.S. President Donald Trump suggested Ukraine could reclaim occupied land.

In other precious metals, spot silver edged up 0.2% to $44.11 an ounce, platinum climbed 0.4% to $1,484.36, and palladium rose 1% to $1,231.85.

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