Gold’s uptrend to persist this week: analysts

By Dat Nguyen October 19, 2025 | 07:29 pm PT

A person holds gold bars at a shop in Ho Chi Minh City. Photo by VnExpress/Quynh Tran

Most Wall Street analysts expect gold to rise this week, driven by central banks’ purchase and dollar weakness, despite a sell-off at the end of last week.

60% of analysts participating in the Kitco News Gold Survey last weekend anticipate an increase, compared to 27% predicting a decline.

Another survey of 265 Main Street voters, 68% anticipate higher prices. Main Street refers to small businesses and individual consumers, while Wall Street is used to describe large investment firms and global trading corporations. Spot gold was hovering round $4,253 at the time of publishing.

Bob Haberkorn, senior commodities broker at RJO Futures, told Kitco News: "I think $4,500 is where we're headed. The silver and gold trade right now is a battle, and for the bulls, everything’s gone right."

He attributed the Friday sell-off to a spillover from silver, explaining that the silver margins increasing on the Shanghai Exchange started the selloff in silver, which "dragged" the gold down with it.

Haberkorn emphasized the unique nature of this rally, driven by central bank buying: "The difference is that this whole rally started with central banks buying. Central banks aren't buying gold to hold it short-term."

Another reason for investors to bet on gold is the uncertainty in the reopening of the U.S. government.

"As of Friday morning, the U.S. is still closer to autocracy than democracy. The rest of the world recognizes this and continues to buy gold," said said Darin Newsom, senior market analyst at Barchart.com.

Other analysts expect the decline of the U.S. dollar will continue to fuel safe-haven asset demand.

"The trend is still unmistakably higher. U.S. dollar weakness, fully anticipated interest rate cuts, and government dysfunction in the U.S. all point to higher gold prices," said Rich Checkan, president and COO of Asset Strategies International.

Bearish analysts, however, have low confidence that gold will be able to retain its record position in the short term, having exceeded the historic $4,000 per ounce mark last week.

"I'd love to see a correction to $4000. It's been a one-way rally for the ages, and some kind of real retracement would build a healthier base for a test of $5,000," said Adam Button, head of currency strategy at Forexlive.com.