– This is the script of CNBC’s financial news report for China’s CCTV on September 2, 2025.
On Monday local time, the U.S. dollar index, which measures the greenback against six major currencies, touched a near five-week low. Weaker dollar momentum, coupled with rising expectations for a Federal Reserve rate cut this month, pushed international gold and silver prices higher.
Overnight, spot gold briefly touched $3,489 per ounce, nearing the record high set on April 22 after Trump’s tariff announcement rattled markets. COMEX gold futures broke above $3,550 per ounce overnight and kept climbing during Asia’s morning session, reaching $3,567 per ounce as of 9:30 a.m. Beijing time. So far this year, COMEX gold futures have surged about 35%.
Meanwhile, spot silver prices soared past $40 per ounce overnight for the first time since 2011, bringing year-to-date gains to roughly 40%. Silver has outpaced gold this year, driven by strong inflows into silver-backed ETFs. The metal has also been added to the U.S. government’s critical minerals list, and market fears of potential U.S. tariffs have further supported silver prices.
As a non-yielding asset, gold typically performs well in a falling interest-rate environment. A recent U.S. inflation report showed July’s Personal Consumption Expenditures (PCE) price index in line with expectations, reinforcing bets on an imminent Fed rate cut.
CME Fed funds futures now show nearly a 90% probability of a 25-basis-point cut at the Fed’s mid-September meeting. The prospect of lower rates has boosted demand for gold and silver, while Trump’s repeated public attacks on Fed officials have raised concerns about the central bank’s independence, adding to safe-haven demand.
So far, the federal court in Washington, D.C., has not ruled on Trump’s attempt to dismiss Fed governor Cook. Bloomberg reports that the earliest a decision could come is Tuesday local time. Commodity strategist Amos at BMO also noted that markets are not only worried about the Fed but also about the resilience of U.S. institutions as a whole, which further enhances gold’s safe-haven appeal.
Bob Elliott
CEO, Unlimited
“I think gold’s really proving out that of all the assets that you can hold to protect yourself against, let’s say, interference in the Federal Reserve and the devaluation of the dollar … gold is the only asset here.”
Looking ahead, markets will shift their focus to Friday’s release of U.S. nonfarm payrolls. Some investors warn that while inflation data appears to have cleared the way for rate cuts, employment data could still surprise.
Ben Emons
Founder and CIO
FedWatch Advisors
“This payroll report would have to be three, 400,000 type of arranged job report with revisions being positive for this Fed to perhaps change their mind. But the market will change its mind then too, right? So it’s priced in, I think they will do it. But from there, it depends a bit on how this data comes out. Strong data, good data, October comes in doubt, and that could add volatility to the market.”
