the FedWatch tool of the Chicago Mercantile Exchange showed that the probability of the Federal Reserve keeping interest rates unchanged in September fell to 10.3% , and the probability of a 25 basis point cut rate increased to 89.7% , close to 90% . The probability of the Federal Reserve maintaining interest rates unchanged in October was only 5% , and the probability of a cumulative interest rate cut of 25 basis points was 49% ; the probability of a cumulative interest rate cut of 50 basis points was 46% .

Since taking office again at the beginning of the year, Trump has continuously pressured the Fed to cut interest rates to match its loose fiscal policy and has repeatedly threatened to fire Fed Chairman Jerome Powell . Trump has been criticizing the Fed and its Chairman Powell for not cutting interest rates in recent months.

Independent metals trader Tai Wong pointed out: ” Trump’s pressure has raised concerns that the U.S. Federal Open Market Committee (FOMC) may cut interest rates faster and maintain low interest rates for longer periods, which is good for gold prices. ” Public information shows that the FOMC will hold interest rate agenda meetings on September 16 and September 17.

In addition, the weakening of the US dollar is also one of the factors that boosted the rise in gold prices. On September 1 , the dollar hit a five- week low.

Since the beginning of this year, spot gold prices have risen by more than 33% , hitting a historical high of US$ 3,500 per ounce in April this year.

Analysts believe that with the support of multiple factors such as the Federal Reserve’s interest rate cut, the threat of the Fed’s independence triggered a risk-averse demand, and the central bank’s gold purchase, gold performance in the future is still worth looking forward to.

Bank of America believes that the rise in gold will continue and maintain the view that gold prices will rise to $ 4,000 per ounce in the first half of 2026 .

JPMorgan Chase expects gold prices to move towards the target of $ 3,675 / ounce by the end of this year, and may reach $ 4,000 / ounce early next year .

Daniel Pavilonis, senior market strategist at RJO Futures , predicts that gold prices may rise to $ 3,700 per ounce by the end of this year .