Gold (XAUUSD), Silver, Platinum Forecasts – Fed Rate Cut Bets Drive Bullion Surge to Multi-Year Highs

Gold Prices Forecast: Record Highs Fuel Bullish Outlook as Fed Cut Bets Intensify

Gold extended its record-breaking rally on Monday, surging above $3,600/oz for the first time, with a close at $3,632.90. The bullish breakout was driven by soft U.S. labor market data and a firming conviction that the Federal Reserve will begin cutting rates as early as next week. According to the CME FedWatch Tool, traders are now pricing in an 88% chance of a 25-bps cut, with a rising 12% probability of a larger 50-bps move. This has weakened the U.S. dollar and driven Treasury yields lower, creating a supportive macro environment for non-yielding assets like gold.

The fundamental tailwinds are substantial. August’s jobs report revealed the sharpest slowdown in employment growth this year, pushing the unemployment rate to a near four-year high of 4.3%. At the same time, inflation remains in focus with both PPI and CPI data due midweek. If those figures confirm further weakness, gold may accelerate toward the $3,700–$3,730 range, with analysts at Zaner Metals and City Index calling for continued upside.

From a technical perspective, the breakout above the long-standing $3,500 resistance confirms a bullish continuation. The price is well above its 50-day SMA ($3,377), and momentum appears intact with $3,879 as the next upside target. Pullbacks toward the $3,500 zone are likely to attract strong buying interest.

Silver Price Outlook: Technical Break Signals Potential for Higher Highs

Silver prices rallied to $41.24 on Monday, their highest level since 2011, gaining 1.1% intraday. While fundamental narratives are thin, silver’s rise has closely tracked gold’s strength and dollar weakness. The metal has now cleared previous resistance at $40.40 and is trending comfortably above its 50-day SMA ($38.30).

With the next resistance seen near $42.00, momentum remains favorable as long as silver holds above $39.80. A sustained move above $41.67 could open a run toward $44.00 in Q4.

Platinum Outlook: Supported by Gold Rally, but Lagging

Platinum closed at $1,378.85, up 0.62%, boosted by broader metals strength. While it has underperformed gold and silver, the metal remains in a constructive uptrend above its 50-day SMA ($1,367.10). A close above the recent peak of $1,425 could extend gains toward $1,475, but lack of fundamental drivers may limit upside without a broader catalyst.

Conclusion: Bullish Metals Complex Driven by Fed Policy Bets

With U.S. yields falling, the dollar under pressure, and Fed cut bets accelerating, the precious metals complex remains bullish. Gold is leading the charge, with silver and platinum tracking the move. All eyes now turn to this week’s inflation data, which could reinforce—or derail—current market projections.

More Information in our Economic Calendar.