Overview

• London intraday quotes reached $3,759.23 per ounce on September 23, with some reports citing highs near $3,791, and euro prices notched records around €3,185–€3,210.
• Silver advanced to roughly $44.11–$44.34 per ounce, the highest in 14 years, with gains of more than 50% since the start of the year.
• The Federal Reserve cut rates in mid-September and signaled two additional quarter-point reductions this year, lowering yields and boosting demand for non‑yielding metals.
• A weaker US dollar supported foreign buying power, while inflows into physically backed gold ETFs and sustained central‑bank purchases added structural demand.
• Analysts point to safe‑haven flows tied to geopolitical risks and eroding confidence in government bonds, with capital shifting from Bunds and Treasuries into gold.