Gold’s remarkable rally shows no sign of slowing. Prices climbed to a record $3,595 per ounce on Friday, extending a surge that has seen the metal gain more than 6% over the past month and an extraordinary 44% compared with a year ago.
According to market data, gold touched an all-time high of $3,600.13 in early September 2025, cementing its status as the standout performer among safe-haven assets this year.
Weak Jobs, Weaker Dollar
The immediate trigger was a disappointing snapshot of the American labour market. The US economy added just 22,000 jobs in August, far below expectations, while unemployment ticked up to 4.3 percent, the highest level in four years. That signalled a cooling economy and strengthened the case for the Federal Reserve to cut interest rates at its upcoming meeting.
Lower rates usually weaken the dollar and reduce the appeal of interest-bearing assets such as bonds, leaving gold as a more attractive option. Markets are now betting that the Fed will deliver multiple cuts through 2025, creating the perfect environment for bullion to shine.
Haven in a Time of Uncertainty
But the rally is about more than one piece of data. Gold thrives when confidence in governments, currencies, or financial institutions is shaky, and right now uncertainty is everywhere.
Political pressure on the Federal Reserve, particularly from President Donald Trump’s calls for aggressive rate cuts and a weaker dollar, has unnerved investors who value central bank independence.
With inflation still lingering and bond markets sending mixed signals, many see gold as a safer store of value.
Outside the United States, currencies such as the British pound and Japanese yen have been sliding, raising concerns about the health of those economies. In emerging markets from Turkey to Egypt, households and businesses are buying gold to guard against inflation and the erosion of local currency savings. The global rush reflects a simple truth: in turbulent times, gold feels solid when little else does.
Central Banks and Investors Keep the Demand Strong
Adding another layer of support is the steady hand of central banks. Many governments that once parked their dollar reserves in US Treasuries are now diversifying into bullion, wary of relying too heavily on American assets at a time of unpredictable trade and foreign policy. Their consistent buying has quietly put a floor under the market.
At the same time, private investors are fuelling the rally through exchange-traded funds, futures contracts, and over-the-counter markets, while retail buyers continue to favour coins, bars, and jewellery. This mix of official and private demand has created a powerful force, keeping prices buoyant even as they break into uncharted territory.
What Comes Next
All of this suggests that gold’s record-breaking run is not just a flash in the pan. Weak economic data, the prospect of easier US monetary policy, political risks at home and abroad, and relentless demand from both central banks and investors are working together to push prices higher. Unless the economic picture improves dramatically or the dollar rebounds sharply, the forces driving gold upward look unlikely to fade anytime soon.
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