Gold surged to new highs on Wednesday, September 3, 2025, briefly surpassing the historic level of $3,546.99 per ounce before settling at $3,537.29 at 5:21 a.m. Brasília time.
U.S. December gold futures also rose 0.4%, reaching $3,604.90. The metal has gained more than a third this year, making it one of the top-performing assets of 2025, driven by a weaker dollar and strong demand for safe-haven assets.
Political pressure from U.S. President Donald Trump on the Federal Reserve has increased uncertainty. Trump attempted to influence the central bank’s composition, raising concerns about the Fed’s independence, while advocating for aggressive rate cuts, which has boosted gold’s appeal as a hedge.
The market now prices in a 92% probability of a 25-basis-point rate cut at the Fed meeting on September 17, according to CME FedWatch. Lower interest rates favor gold, which does not yield income but benefits in scenarios of a weaker dollar and increased global liquidity.
Other precious metals showed volatility. Silver fell 0.2% to $40.83 per ounce after hitting levels not seen since 2011. Platinum declined 0.8% to $1,391.80, while palladium dropped 0.4% to $1,138.78.
Gold’s strength was also supported by weakness in stock and bond markets, with investors seeking refuge in gold-backed ETFs. Rising demand is putting pressure on available supply in London, pushing up lease rates and reinforcing perceptions of a structural tightening in the physical market.
The upcoming U.S. employment report, scheduled for Friday, will be pivotal. If it confirms signs of labor market slowdown, the likelihood of rate cuts will increase, potentially keeping gold prices at historically high levels.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
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