The gold price continues to rise, reaching around US$3,780 ($5,765) per ounce today (29 September), supported by expectations of further US rate cuts and a weaker dollar.
According to Trading Economics, markets are currently pricing in a 90% chance of a rate cut in October 2025, and about a 65% probability of an additional move in December.
This latest price gain represents a 0.27% increase from the previous day. Over the past month, gold’s price has risen 8.69% and is up 43.37% compared to the same time last year, as reported by Trading Economics.
On 23 September, the precious metals’ price reached US$3,750 per ounce, as Mining.com.au previously reported.
At the time of writing, the price of the safe-haven metal sat at US$3,785 per ounce.
In Australian dollars, gold’s price sat at $5,778.64 per ounce, as reported by ABC Bullion.
Bullion trading arm Guardian Gold says the price is not rising on fashion or speculation – it is rising because of structure.
One of the most important drivers of gold’s rally in recent years has been due to methodical accumulation of bullion by central banks. Official institutions have purchased more than 1,000 tonnes in each of 2022, 2023, and 2024 – the highest sustained pace on record, as reported by Guardian Gold.
The total central-bank holdings now stand above 36,000 tonnes – a level not seen since the 1960s.
Write to Aaliyah Rogan at Mining.com.au
Images: ABC Bullion
