September 3, 2025
Gold prices rose significantly by midday Wednesday, reaching new record highs. Silver also saw an increase, hitting a 14-year high. This surge is attributed to heightened safe-haven demand as financial markets face turbulence in September and October. December gold futures increased by $37.50, reaching $3,630.10, while December silver futures rose by $0.318 to $41.91.
The U.S. economic data released on Wednesday showed a decline in job openings, with the JOLTS report indicating a drop to 7.437 million in June, the lowest since April. This slowdown in the labor market supports the stance of U.S. monetary policy doves and benefits gold and silver bulls.
Global bond yields are rising due to inflation concerns and government debt sales, which also support the demand for gold and silver. U.S. Treasury yields have increased, with the 30-year bond nearing 5%. The U.S. dollar index is lower, and crude oil prices are trading around $63.75 per barrel.
Technically, December gold futures bulls have a strong near-term advantage, with a target to close above $3,700. First resistance is at $3,650, with support at $3,592.40. December silver futures also show a bullish trend, aiming to close above $45.00, with first resistance at $42.29 and support at $41.00.
Jim Wyckoff, a seasoned market analyst, provides daily insights and forecasts on Kitco.com, helping investors navigate the market dynamics.
