Gold bulls eye new records within 24 months — SkimNews
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- Gold prices fell 2% to $4,075 per troy ounce on Wednesday as markets anticipated the US Federal Reserve could raise interest rates again (FT report).
- Central banks bought about 63 tonnes of gold in September — the highest monthly level since November 2024 — according to provisional World Gold Council data.
- Charlotte Yonge of Troy Asset Management told FT's Precious Metals Symposium she expects gold to hit a new record high within 12 to 18 months, citing rising US debt as a key hedge and noting gold cannot be created through monetary expansion.
- Paul Carne of Aon Investments forecasts record highs within two years, arguing that countries' use of the dollar as a geopolitical instrument is pushing governments and financial institutions toward alternatives.
- Peter Marrone of Allied Gold urged investors to consider whether global markets are approaching significant financial disruption, noting family offices are shifting from government bonds into bullion as economic uncertainty intensifies.
- Ian Cockerill of Endeavour Mining told FT that $4,000 per troy ounce could be close to a price floor before gold's next advance, while cautioning that level was not certain to hold.
- China's central bank gold reserves stand at approximately 2,410 tonnes, equivalent to around 9% of total reserves, per World Gold Council data cited by the FT.
Why it matters: The bullish consensus emerged as gold fell 2% to $4,075 per troy ounce in a single session on expected Fed action, with executives at FT's symposium naming US debt expansion and dollar geopolitics as structural drivers. Central banks' September purchases hit a seven-month high of 63 tonnes while family offices rotated from government bonds into bullion, reinforcing demand outside the rate cycle.
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