2025-09-05 Sing Pao's Column《真金白銀》(English translation) Safe-Haven Demand Heats Up, Gold Sets New Record

Safe-Haven Demand Heats Up, Gold Sets New Record

Gold extended its winning streak to a seventh consecutive session on September 3, surging to a new all-time high of USD 3,579 per ounce. Ahead of the U.S. session, prices consolidated near the historic high. Growing concerns over long-dated government bonds continue to fuel safe-haven flows, becoming a dominant force in the market. Notably, the UK’s 30-year gilt yield hit a multi-year high on Tuesday, reflecting pressure across global long-term debt markets. Investors are now turning their attention to the upcoming ADP employment report.

Mounting worries over Federal Reserve independence, rising U.S. policy uncertainty, and inflows into gold ETFs have all contributed to rising demand for safe-haven assets. With the seasonal gold-buying period approaching and speculation of a Fed rate cut in September gaining traction, gold may continue to break new records.

Gold Technical Outlook

From a technical perspective, gold’s daily chart exhibits strong upward momentum, with hourly candles consistently printing new highs. Prices remain well above all major moving averages. Although the market appears overbought in the short term, no clear signs of exhaustion have emerged. Traders should monitor the RSI approaching the 80 level as a potential signal of extreme overbought conditions.

Immediate resistance lies between USD 3,575 and 3,580. A breakout above this zone could lead to a test of the psychological USD 3,600 mark. In case of a pullback, initial support is expected at USD 3,550, followed by stronger support near the April high at USD 3,500.

Silver Outperforms with Industrial Boost

Silver broke decisively above the USD 40 per ounce threshold this week, reaching a 14-year high of USD 40.9—the highest level since 2011. Since April, silver has rallied 44%, significantly outpacing gold’s 20% gain, underscoring its strong industrial demand driven by the energy transition.

According to the Silver Institute, the global silver market has been in a supply deficit for five consecutive years, offering strong fundamental support for prices. On the technical front, silver’s weekly chart shows a clear impulsive wave structure, confirming the start of a major bull phase. With the USD 40 barrier cleared, momentum has strengthened, and investor sentiment remains bullish. Short-term corrections are likely to be shallow, and in the medium term, silver could test resistance near its historical high of USD 50.

Crypto Market: BTC Losing Steam?

In the cryptocurrency market, Bitcoin (BTC) remains range-bound near its recent highs. However, technical indicators show waning momentum. The RSI has failed to confirm new highs and is instead forming lower highs—indicating a bearish divergence that suggests weakening upward strength.

If this divergence extends into the monthly timeframe, it may signal a broader loss of momentum. That said, recent over-the-counter (OTC) trading activity reveals that institutions and high-net-worth investors are still actively positioning for a year-end rally. In summary, while technicals point to caution, fundamental flows reflect continued confidence—creating a market backdrop of latent risk but prevailing optimism. Disclaimer:

This column is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell financial products. Investing involves risk. Readers are advised to assess their personal financial situation carefully and consult independent professional advice before making any investment decisions.