Since the beginning of this year, the price of gold has surged by nearly 30%, reaching a series of record highs.

The recent increase has been driven by expectations of a Fed rate cut, with the Fed starting a rate-cutting cycle last month with a 50 basis point reduction.

In early Asia trading, gold prices edged up slightly in a possible technical recovery.

Spot gold once reached $2,670.

Analysts at ANZ Bank wrote in a report that as safe-haven demand for precious metals bid dwindles, gold prices have declined recently.

Analysts point out that although geopolitical risks usually trigger gold bids, if these risks diminish, this situation could quickly reverse.

They added that investors are now turning their focus to the US employment report scheduled to be released on Friday.

Analysts say, "Any signs of weakness could increase expectations that the Fed will continue to cut rates significantly."

Goldman Sachs raised its early 2025 gold price forecast from $2700 per ounce to $2900 on Monday, citing the gradual increase in exchange-traded fund (ETF) inflows as the West and China lower interest rates, as well as an increase in central bank purchases.

Goldman Sachs stated in the report: "We reiterate our recommendation to go long on gold, as the gradual boost from global interest rate cuts, structural increase in central bank demand, and the benefits of gold hedging geopolitical, financial, and economic recession risks will gradually come into play."

Companies in the gold and precious metals sector:

Zijin Mining (02899), SD Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and Wanguo Gold Group (03939).