Is Gold's Stunning Rally Over? | Insight with Haslinda Amin 10/22/2025

Yields

NDX

RUT

Oil

explicit

USD

UBS 8.0
Investment Bank $4300.00B
Joni Tevitzment 7.0

Is Gold's Stunning Rally Over? | Insight with Haslinda Amin 10/22/2025

metals

I think the market deserves a bit of a breather here given the very sharp rally since September. So, I think a bit of profit-taking from near-term positions...technical profit-taking is the main cause of the selloff. The sharp rally triggered profit-taking and a short-term pause, with longer-term fundamentals remaining positive.

10/1/2025 3:08:31 PM	short term sharp up	5 days later	+3.05%	+4.58%

What's behind the selloff in gold? Is it just plain money being taken off the table?

Haslinda Amean
Joni Tevitzment

I think the market deserves a bit of a breather here given the very sharp rally since September. So, I think a bit of profit-taking from near-term positions especially ahead of the FOMC meeting next week makes sense. Ultimately it will be healthy for the market to pause before the next leg higher.
How are you making sense of it?

Haslinda Amean
Joni Tevitzment

We have heard from colleagues in Shanghai that the gold price couldn't breach 1000 yuan per gram last Friday. Maybe retail investors took profits after an active period in 2024. We know equities in China gained strength in 2025, so some reallocation into equities is plausible.
But why now? Could gold head to 5000?

Haslinda Amean
Joni Tevitzment

For Chinese investors structural demand is for gold or equities. There's been some improvement in confidence. ETF gold flows remain positive and physical demand longer term is resilient.
So is it mostly short-term positioning taking profit?

Haslinda Amean
Joni Tevitzment

Exactly, the rally was very sharp over a short period, technical profit-taking is the main cause of the selloff.
Would you buy the dip?

Haslinda Amean
Joni Tevitzment

At these levels and if it pulls back further around 4000 or 3800 it would be a good opportunity to build positions for the next leg higher.
Silver has had a bigger selloff than gold. How do you read that?

Haslinda Amean
Joni Tevitzment

Silver is a higher expression of gold and more vulnerable on the downside because it lacks central bank buying support and is more exposed to industrial demand.

SignalTube

markets at a glance