Overview

• Spot gold touched a new all-time high near $3,694 per ounce, with a record euro close of about €3,128 on September 15.
• Prices eased on September 17, with gold around €3,098 per ounce in morning trade, though the metal remains near peak levels.
• Traders widely expect the Federal Reserve to cut rates at its meeting conclusion, a view that has pressured the dollar and supported bullion.
• Reported drivers include geopolitical tensions, U.S. trade policy, and substantial buying by countries such as India and China.
• Retail interest has broadened, with BullionVault noting a tripling of first-time German investors aged 17–27 in 2025, while silver hovered just below its recent record after closing at €36.30 on September 15.