According to Jinshi data on September 27, analysts at BMI, a research institute under Fitch, expect spot gold prices to fluctuate in the range of $2,500-2,800 per ounce in the coming months, a sharp departure from last year's $1,943 per ounce. Prices will be driven by the scale and number of interest rate cuts after the Fed launches an easing cycle, as lower bond yields shift investment to non-yielding assets.

At the same time, high geopolitical risks in the Middle East and Eastern Europe are expected to increase global uncertainty, boosting demand for safe-haven assets. BMI raised its gold price forecast for this year to $2,375 an ounce from $2,250 an ounce previously.