According to the GTJA Finance app, benefiting from the market's optimistic expectations of further rate cuts by the Federal Reserve and the boost in safe-haven demand from tensions in the Middle East, gold prices rose over 13% in the third quarter, achieving the best quarterly performance since the first quarter of 2016.

Meanwhile, investors' optimism towards the economy is improving, as the People's Bank of China announced new stimulus measures last week. The latest US data indicates that the US economy is rebounding stronger than expected from the impact of the COVID-19 pandemic.

Comex gold futures in the near months rose by 13.2% in the third quarter to $2,636.10 per ounce, marking the fourth consecutive quarterly increase despite a 0.3% drop in the contract on Monday. Gold has surged nearly 30% year-to-date.

In September, the price of gold rose by 5.7%, achieving the largest monthly increase since March of this year.

Comex silver also saw a fourth consecutive quarterly increase, with the near month contract rising by 6.6% in the third quarter to $31.164 per ounce, despite a 1.1% decline at Monday's close.

In September, silver rose by 8.4%, marking its best monthly performance since May.

According to the data of Bank of America, gold has surpassed the euro to become the second largest reserve asset after the dollar. Analyst Dave Kranzler of Seeking Alpha further points out that gold demand is boosted by the BRICS countries/Eastern Hemisphere Nations Alliance.

Kranzler stated: "Gold currently accounts for 16% of global central bank reserves. While the dollar accounts for 58% of global central bank reserves, down from over 70% since 2002."