Gold continues to dominate commodities trading, reaching a peak of $3,500 per ounce in April and currently trading around $3,320. Investors are pouring money into gold-backed ETPs due to uncertainties surrounding Trump’s trade tariffs, economic policies, and global geopolitical risks. While JP Morgan projects gold to exceed $4,000 within a year, some analysts are growing cautious. LBBW expects prices to reach only $3,000 by year-end, citing increased mining supply and already high speculator positions. HSBC’s technical analyst warns that gold’s price has diverged significantly from its 200-week moving average, suggesting potential consolidation ahead.

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Record Q3 Gold Demand, Sticky Inflation, SNAP Benefits Lapse
Gold and silver wrapped up a historic October, with gold topping $4,000 as global demand surged to record highs. But inflation data released today showed the Fed’s fight isn’t over—headline prices are easing, yet core inflation remains stubbornly high. As policymakers debate the next move, uncertainty is keeping safe-haven demand alive. Add in a prolonged government shutdown threatening SNAP benefits, and it’s clear: the macro crosswinds that lifted gold this year aren’t slowing down anytime soon.




