Gold price sets a new all-time high above $3,800 per ounce
29 September 2025 15:09
Gold prices have surpassed $3,800 per ounce for the first time in history, reaching a record high amid expectations of lower interest rates in the US and fears of a possible government shutdown, which pushed investors to safe assets amid growing geopolitical instability. This was reported by "Komersant Ukrainian" with reference to Reuters.
As of the morning, spot gold rose by 1.7% to $3,824.52 per ounce, after rising to $3,829.13 earlier in the session.
Gold futures in the United States for December delivery rose 1.2% to $3,853.70.
The US dollar index fell by 0.2%, making gold cheaper for foreign buyers.
“Some people call gold the sum of all fears – economic and political. And today it is clear that we have problems on both sides,” said independent analyst Ross Norman.
On Monday, US President Donald Trump will meet with the leaders of the Democratic and Republican parties in Congress to agree on the continuation of government funding. Without a deal, a shutdown could begin as early as Wednesday.
Meanwhile, Russia on Sunday launched a massive attack with hundreds of drones and missiles on Kyiv and other regions of Ukraine, one of the most intense since the start of the full-scale war.
On Friday, the US consumer spending index (PCE) was in line with analysts’ expectations, bolstering forecasts for further rate cuts by the Federal Reserve in October and December.
“With the Federal Reserve planning additional rate cuts over the next six months, I believe gold has the potential to rise further to $3,900/oz. Fears of a U.S. government shutdown are also supporting demand for safe-haven assets such as gold,” said UBS analyst Giovanni Staunovo.
Gold, a traditional “safe haven” in times of crisis, is showing the best results in recent decades. Since the beginning of the year, its prices have risen by 45%, driven by active purchases by central banks, growing investments in gold ETFs, a weakening dollar, and increased demand from private investors.
Analysts note that more and more brokerage companies are optimistic about further growth in gold prices.
In other markets:
- Silver rose by 2.1% to $46.95 per ounce, the highest level in 14 years.
- Platinum rose by 1.7% to $1,595.35, its highest level in 12 years.
- Palladium added 0.7% to reach $1,279.46.
“The silver and platinum markets are responding to two factors – increased industrial activity due to lower rates and countries’ desire to stockpile in the face of global supply uncertainty,” Ross Norman explained.
