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THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION
SEPTEMBER 2025 | WWW.ALASKAMINERS.ORG
Gold Prices Continue With New Historic Rise MINING.COM AND BLOOMBERG NEWS
of global trade by imposing tariffs on allies and strategic rivals. The move through the psychological $3,000 level drives home gold’s cen- turies-old role as a store of value in turbulent times and as a gauge of fear in markets. In the last quarter century, the price has risen 10-fold, outperforming even the S&P 500, the benchmark for U.S. stocks, which quadrupled over the same period. Jumps in the gold price typically track broader economic and political stress. The metal breached the $1,000 an ounce mark in the aftermath of the financial crisis, and passed $2,000 during the global COVID-19 pandemic. Prices fell back toward $1,600 after the pandemic, but began to rise again in 2023, driven by central banks, which bought bullion to diversify away from the dollar, over fears that the curren- cy made them vulnerable to punitive action from the U.S.
“We continue to expect further upside risk for gold prices and forecast gold to average $3,500 per ounce in Q3 2025 and $3,700 per ounce in Q4 2025,” she said, highlighting that more record prices are in the offing. Gold has more than doubled over the past three years, as mounting geo- political and economic risks fueled relentless buying of safe haven assets. In 2025 alone, bullion has gained more than 30% amid global trade tensions fueled by US Presi- dent Donald Trump’s aggressive tariff policy. Recently, Trump added a new layer of uncertainty with repeated attacks against the Fed that threatened the US central bank’s independence, causing alarm amongst investors. Gold prices passed $3,000 an ounce for the first time in mid-March, driven higher by a Central Bank buying spree, economic fragility worldwide and Trump’s attempts to rewrite the rules
G old scored a new high mark in early September as the prospect of U.S. interest rate cuts and growing concerns over the Federal Reserve’s future lifted the appeal of precious metals. Spot gold set an all-time record of $3,530 per ounce, surpassing its previous high of $3,500.05 from late April. The latest rally has been fueled by expectations that the U.S. Central Bank will lower interest rates for the first time in nine months, after Fed Chair Jerome Powell cautious- ly opened the door to a monetary easing.
“Investors adding to gold allocations, especially as Fed rate cuts loom, are pushing prices higher,” UBS Group AG strategist Joni Teves wrote in a note. “Our base case is that gold continues to make new highs over the coming quarters. A lower interest rate envi- ronment, softer economic data and continued elevated macro uncertain- ty and geopolitical risks boost gold’s role as a portfolio diversifier,." Suki Cooper, analyst at Standard Chartered Bank, offered a similar outlook: “The gold market is entering a seasonally strong period for con- sumption, coupled with expectations for a rate cut at the September Fed meeting.”
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