The gold safe-haven asset market moved lower from last week's record high as it entered a profit-taking phase approaching the $3,300 level.
At 9.20 am, gold prices were at $3,336.81, which has remained since it opened at the beginning of Monday's trading in the Asian session.
Gold's position is currently still consistently holding at the peak for several months due to the support of gold purchases by central banks.
The People's Bank of China (PBOC) added a high of 360,000 ounces in July, in line with the actions of several countries such as Turkey and Kazakhstan. The total purchase in the third quarter of 2025 is more than 850 tons, which is almost the same as the record in 2022 and 2023.
Meanwhile, macro market factors regarding economic uncertainty and the setting of US monetary policy continue to support the price of yellow metal assets.
The market is currently expecting the US Fed to make one more rate cut before the end of the year depending on current economic data. However, they are likely to keep rates between 4.25% – 4.5% at the next meeting.
Gold traders will be closely watching the FOMC press conference for any clues on the timeline for rate cuts this year.
Most Fed officials appear content to wait and see how tariffs play out through the economy before making any cuts.
