Core Insights - Gold prices have reached a record high of $4,106.48 per ounce, driven by renewed US-China trade tensions and expectations of interest rate cuts [1][2] - Gold has increased by 56% this year, with significant contributions from geopolitical uncertainties and robust central bank buying [2][5] - Analysts predict gold could exceed $5,000 per ounce by the end of 2026, supported by steady central bank purchases and ETF inflows [3][6] Market Dynamics - Traders are anticipating a 97% probability of a 25-basis-point Federal Reserve rate cut in October and a 100% chance for December, which typically benefits gold prices [4][10] - Spot silver also reached a record high of $52.12, influenced by similar factors affecting gold and market tightness [7] Analyst Predictions - Bank of America and Societe Generale expect gold to reach $5,000 by 2026, while Standard Chartered has raised its forecast to an average of $4,488 for next year [6] - Analysts suggest that while the current rally has momentum, a near-term correction could be beneficial for a longer-term uptrend [6]