According to figures recently released by China’s State Administration of Foreign Exchange, as of the end of September, China held 77.47 million ounces of gold reserves, an increase of 740,000 ounces from August, representing a 0.85% increase. This marks the 23rd consecutive month of gold purchases by China, with September’s purchases being the largest monthly volume since 2023. China’s continued increase in gold reserves should reinforce investors’ belief that global central banks, like the People’s Bank of China, will continue to increase their gold holdings, providing a strong rationale for long-term gold investors.

On the other hand, US President Trump stated that the US will not resume attacks on Iran before the midterm elections in early November. Meanwhile, the Tehran government claimed it would continue indirect negotiations with the US. This temporary easing of geopolitical tensions is also beneficial for those willing to buy gold at lower prices, significantly helping gold prices stabilize around the $4,083 level in the short term.

Gold prices may fluctuate between $4,083 and $4,197 in the short term. Pay close attention to the lower end of the range for potential buying opportunities. There is room for a rebound in the short term. $4,063 can be used as an important price defense reference level. Be sure to take appropriate risk precautions.

Risk Warning: This article is for market analysis purposes only. Price ranges and levels mentioned are for market observation and do not constitute investment advice. Precious metal prices are highly volatile; please make independent and prudent decisions and manage your own risk.

Gold price chart (1 hour):

Ferris Kwok

Chief Analyst
Success Finance Group

Email: ferris.kwok@successfn.com