Gold and silver prices extended last week's sharp losses as the US and China agreed to a framework for trade negotiations, and analysts say prices could move even lower in the near term.

Net imports via Hong Kong to China for September stood at 22.047 metric tons, compared with 26.746 tons in August.

Stocks spiked to al-time highs to start the week. extending gains from Friday's record-setting rally. Chips and rare earth stocks were among the big movers.

China has emerged as a major force behind the recent surge in gold prices, with its growing influence projected to surpass even that of the U.S. dollar, according to a top economist.

China aims to become custodian of foreign sovereign gold reserves in a bid to strengthen its standing in the global bullion market, according to people familiar with the matter.

Higher business uncertainty in the U.S. is also pushing gold prices up,” according to Apollo chief economist Torsten Slok.

Gold’s record-breaking rally in 2025 shows no signs of slowing, and analysts say China is the key reason behind it. With Beijing’s relentless gold buying and global investors seeking safety amid a weaker dollar,