This graph show how interest rates hikes by the U.S. Federal Reserve affect gold's price. While gold underperforms during the period leading up to rate hikes, its performance improves during the year after the interest rates increase.

Gold prices face a weekly decline as investor risk appetite grows due to strong tech earnings and resilient manufacturing data, affecting Federal Reserve rate-cut expectations.

Gold rose to 3,476.40 USD/t.oz on September 1, 2025, up 0.79% from the previous day. Over the past month, Gold's price has risen 3.03%, and is up 39.21% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gold - values, historical data, forecasts and news - updated on September of 2025.

Gold prices have surged past $3,300, driven by US-China trade tensions, central bank purchases, and anticipated interest rate cuts, setting new records in the market.

Between January 1971 and May 2025, gold had average annual returns of **** percent, which was only slightly more than the return of commodities, with an annual average of around eight percent. The annual return of gold was over ** percent in 2024. What is the total global demand for gold? The global demand for gold remains robust owing to its historical importance, financial stability, and cultural appeal. During economic uncertainty, investors look for a safe haven, while emerging markets fuel jewelry demand. A distinct contrast transpired during COVID-19, when the global demand for gold experienced a sharp decline in 2020 owing to a reduction in consumer spending. However, the subsequent years saw an increase in demand for the precious metal. How much gold is produced worldwide? The production of gold depends mainly on geological formations, market demand, and the cost of production. These factors have a significant impact on the discovery, extraction, and economic viability of gold mining operations worldwide. In 2024, the worldwide production of gold was expected to reach *** million ounces, and it is anticipated that the rate of growth will increase as exploration technologies improve, gold prices rise, and mining practices improve.

As of May 2025, the London (morning fixing) price of an ounce of gold cost an average of ******** U.S. dollars, a slight increase compared to the average monthly morning fixing price of ******** U.S. dollars per ounce in the previous month.

London fixing gold price In January 2020, the average price for an ounce of fine gold was ******** U.S. dollars. It increased to ******** U.S. dollars as of April 2022. Although the monthly price for fine gold fluctuates, the average annual price of fine gold is gradually increasing. In 2001, the price for one ounce of gold was *** U.S. dollars, and by 2012 the price had risen to some ***** U.S. dollars. By 2024, the annual average gold price was nearly ***** dollars per ounce. In that year, global gold demand reached ******* metric tons worldwide. Price determinants of fine gold Fine gold is considered to be almost pure gold, where the value of the metal depends on the percentage of fineness. Twenty-four-carat gold is considered fine gold (from 99.9 percent gold by mass and higher). The London Gold Fix acts as a benchmark for the price of gold. The price of gold is set by the members of the London Gold Market Fixing Ltd undertaken by Barclays and its other members. The price is determined twice per business day at 10:30 am and 3:00 pm based on the London bullion market to settle contracts within the bullion market. The price is based on the equilibrium point between supply and demand agreed upon by participating banks. Gold prices must remain flexible, and gold fixing provides an instantaneous price at specified times.

Gold prices hold steady near record highs as geopolitical tensions and economic risks drive demand for the safe-haven asset.

The CIS gold market reduced rapidly to $X in 2021, waning by -18.9% against the previous year. In general, consumption recorded a slight reduction. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market failed to regain momentum.

Silver fell to 40.69 USD/t.oz on September 2, 2025, down 0.09% from the previous day. Over the past month, Silver's price has risen 8.74%, and is up 45.03% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver - values, historical data, forecasts and news - updated on September of 2025.

Ghana Commodity Price: Gold data was reported at 1,281.100 USD/Fine oz in Jun 2018. This records a decrease from the previous number of 1,303.000 USD/Fine oz for May 2018. Ghana Commodity Price: Gold data is updated monthly, averaging 1,182.900 USD/Fine oz from Dec 2003 (Median) to Jun 2018, with 175 observations. The data reached an all-time high of 1,770.130 USD/Fine oz in Aug 2011 and a record low of 384.730 USD/Fine oz in May 2004. Ghana Commodity Price: Gold data remains active status in CEIC and is reported by Bank of Ghana. The data is categorized under Global Database’s Ghana – Table GH.P001: Commodity Price.

Australia's gold ore miners have performed well over the past few years thanks to skyrocketing gold prices, driven by growing consumer demand for gold to hedge against inflation, economic uncertainty and geopolitical unrest. More recently, the US's sweeping tariffs have escalated trade tensions, causing uncertainty to loom over global economic growth prospects. This trend has rattled investors' confidence in riskier assets, propelling demand for safe-haven assets like gold in a "flight-to-safety". While investors also view U.S. Treasury bonds as a risk-free asset, the country's involvement in trade tensions has diminished its status as a safe-haven asset, contributing to the capital inflows from U.S. Treasury bonds to gold and lifting the commodity's price. Central banks have also actively purchased gold to diversify their reserve assets and bolster financial stability, supporting demand. Notably, the People's Bank of China diversified its asset base by selling US treasuries and aggressively purchasing gold, further spurring demand. The gold price climb in 2024-25 continues to underpin miners' optimism. Even so, production volumes haven't reflected the hike in demand, largely because of supply chain disruptions, high operation costs and unfavourable weather events. Labour shortages and high input costs intermittently hampered mining operations. AISCs have also risen as producers battle supply chain disruptions, climbing energy prices and labour shortages, limiting miners' profitability gains. Still, the elevated gold prices have stimulated miners' profitability expansion. Overall, gold ore mining revenue is expected to have increased at an annualised 5.7% over the five years through 2024-25, to $37.9 billion. This trend includes a 25.9% surge in 2024-25 thanks to the high gold prices. Gold prices are set to ease over the next few years, constraining revenue growth. However, geopolitical tensions and the easing of monetary policies will continue to support gold demand. Various project expansions will boost domestic gold production in the coming years. The successful expansion of mines like the Cowal underground mine and upcoming projects like the Havieron Project will also bolster gold production. Gold miners will continue focusing on sustainability initiatives, including reducing energy consumption, using renewable energy and minimising greenhouse gas emissions, as they seek to futureproof their operations amid tightening global sustainability regulations. Gold ore miners are also gradually adopting emerging technologies to enhance productivity and safety. This trend is set to continue in the coming years as the importance of efficiency in operations climbs. Higher gold output is forecast to cause industry revenue to rise at an annualised 1.4% through the end of 2029-30, to $40.6 billion.

The Precious Metals Production industry's revenue is forecast to expand at a compound annual rate of 21.5% over the five years through 2024-25 to £396.4 million. Soaring precious metal prices mean that smaller companies have been able to operate with only a handful of staff while still making enough money to keep going. However, as gold and silver are used less in film and digital technology, the amount of precious metals recoverable from scrap has fallen, raising purchasing costs and somewhat limiting growth. The Russia-Ukraine conflict disrupted metal supplies and caused inflation to soar, driving investors to precious metals as a traditional inflation hedge and causing the prices of gold and silver to hike by over 20% in 2023-24, while Platinum Group Metals prices inched down due to reduced investor demand. In 2024-25, gold and silver prices are reaching new highs as the perspective of interest rate cuts continues to drive demand from investors (as lower interest rates would mean other investments like bonds would yield lower returns). As a result of this, industry revenue is expected to swell by 15.9% in 2024-25, when industry profit is set to hit 2.7%. The Precious Metals Production industry's revenue is expected to grow at a compound annual rate of 4.4% over the five years through 2029-30 to £491.4 million. Silver is a key component in photovoltaic cells used in solar panels, so it's well set to benefit from the increased importance placed on renewable energy generation. However, manufacturers of photovoltaic cells are likely to lower the content of silver per cell to reduce costs, limiting the benefit for silver producers. Increased environmentalism also means that electric vehicles are likely to gain popularity, reducing the need for platinum group metals used in catalytic converters, while surging gold prices are set to normalise in the medium term, limiting revenue growth. A new gold mine in Scotland is likely to run for almost a decade, allowing primary refiners to set up in the UK.

The global gold sputtering target market is experiencing robust growth, driven by the increasing demand for advanced semiconductor devices and the expansion of related technologies like chemical vapor deposition (CVD) and physical vapor deposition (PVD). The market, estimated at $200 million in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033, reaching approximately $350 million by 2033. This growth is fueled primarily by the continuous miniaturization of electronic components, necessitating the use of high-purity gold sputtering targets for precise and reliable deposition processes. The rising adoption of 5G and other advanced communication technologies is further stimulating market expansion. Different purity levels of gold sputtering targets cater to diverse applications, with higher purity grades commanding a premium price due to their superior performance characteristics in critical applications like semiconductor manufacturing. Several key trends are shaping the market landscape. The increasing focus on sustainable manufacturing practices is leading to the development of more environmentally friendly sputtering target production methods. Furthermore, advancements in materials science are resulting in the creation of gold sputtering targets with enhanced durability, improved deposition rates, and reduced defects. While the market faces challenges such as fluctuating gold prices and the potential for material substitution with alternative conductive materials, the overall growth trajectory remains positive, driven by the fundamental need for high-performance gold sputtering targets in cutting-edge electronics manufacturing. Key players in the market are focused on innovation, supply chain optimization, and strategic partnerships to maintain their competitive edge in this rapidly evolving industry.

The revenue of the gold market in Cyprus amounted to $X in 2018, rising by X% against the previous year. Overall, gold consumption, however, continues to indicate a mild reduction. The pace of growth appeared the most rapid in 2017 when the market value increased by X% year-to-year. Cyprus gold consumption peaked at $X in 2007; however, from 2008 to 2018, consumption stood at a somewhat lower figure.

The Ugandan semi-manufactured gold market shrank to $X in 2022, which is down by -11.8% against the previous year. Overall, consumption saw a deep reduction. The most prominent rate of growth was recorded in 2020 when the market value increased by 7.7%. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

The MERCOSUR gold market declined rapidly to $X in 2021, with a decrease of -21.4% against the previous year. In general, consumption recorded a perceptible reduction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

The GCC semi-manufactured gold market reduced markedly to $X in 2022, shrinking by -27.6% against the previous year. Over the period under review, consumption, however, showed a strong increase. The level of consumption peaked at $X in 2021, and then shrank remarkably in the following year.

HSBC predicts higher silver prices due to gold's rally, industrial demand, and potential Fed rate cuts. The bank forecasts $35.14/oz in 2025 with a persistent market deficit.

The Canadian semi-manufactured gold market skyrocketed to $X in 2022, picking up by 63% against the previous year. In general, consumption, however, recorded a mild reduction. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.