September 2025 Spot Price Recap

September was a momentous month for precious metals. Gold and silver both broke past psychological barriers, and platinum reached levels not seen in more than ten years. The combination of expectations for lower interest rates and a weakened dollar was the primary factor that moved the markets in September. It sent all the metals up.

Gold

Gold started September at $3,478 and ended it at $3,847, a gain of 10.6% for the month. More crucially, on September 29, gold reached a record high of $3,833.37 per ounce as speculators rushed to buy safe-haven assets.

Why did gold rally so much?

The dollar index went down, which made gold and silver less expensive for customers outside the U.S. At the same time, the U.S. Personal Consumption Expenditures Price Index came in as expected, which increased confidence that the Federal Reserve might lower interest rates at its meetings in October and December.

Political uncertainty made things worse. People were worried about U.S. President Donald Trump’s planned meeting with congressional leaders to discuss extending government funding, as a deal would have meant averting a federal shutdown.

Gold has gone up more than 43% this year. It usually does well when interest rates are low and there is uncertainty.

Silver

Silver did even better, starting the month at $40.81 and ending it at $46.57, a 14.1% increase for the month. On September 29, the metal reached $46.90, which is quite close to the psychologically important $50 mark.

Silver’s price jumped from $28.92 an ounce at the beginning of 2025 to more than $46 by the end of September, a huge 61% increase in less than nine months. The drop in the value of the rupee made these gains even better for Indian investors.

Why is silver doing better than other metals? Silver is different from gold since it has both a precious (investment) and an industrial role. Approximately 60% of the world’s silver demand is attributed to industrial use.

Silver is crucial for solar panels, electronics, and electric cars, all of which are experiencing rapid growth worldwide. The gap between supply and demand keeps getting bigger since demand is always higher than the new supply.

Platinum and Palladium

Platinum: In September, platinum prices increased significantly, starting at $1,420 and ending at $1,576, an 11% monthly rise. On September 29, the price of platinum went above $1,600 per ounce for the first time since April 2013.

Platinum is a precious metal, and approximately a quarter of its demand is driven by the jewelry industry. When gold prices are high, platinum jewelry becomes a more affordable and appealing option.

Prices remain high due to ongoing supply issues. The World Platinum Investment Council predicts an 850,000 ounce shortage in 2025 because South African producers, who account for over 70% of global output, lack sufficient energy and aren’t investing enough.

Palladium: Palladium also did well, starting the month at $1,153 and ending it at $1,276, a 10.7% increase. Palladium has gained more than 41% this year, making it a valuable addition to any portfolio, despite not receiving as much attention as gold, silver, and platinum.

Around 80% of the world’s palladium comes from Russia and South Africa. This makes the market vulnerable to supply chain and geopolitical concerns that keep prices high.

Looking Ahead

At the start of October, precious metals were still going strong. The question now is whether these rallies can keep going or if people will take their profits and cause corrections.

Rodney Sullivan, executive director of the Mayo Center for Asset Management at the University of Virginia’s Darden School of Business, says that “as long as global central banks keep adding to their gold reserves, the bullish trend could continue.” He says that gold now makes up a higher part of central banks’ reserves than Treasuries for the first time since 1996. This makes it the second-largest global reserve asset behind the U.S. dollar.

However, there are some caveats to this “silver lining.” Frank Holmes from U.S. Global Investors says, “Gold and silver are showing signs of being overbought right now, whether you look at the standard deviation or the 14-day relative strength index.” He goes on to say that in the past, these kinds of advances have come before pullbacks.

These prices are good for the mining industry. Gold mining businesses raised a total of $6.7 billion in equity in the third quarter alone, according to Bloomberg. This is the most money raised in a quarter ever.

Bottom Line

September showed that the precious metals markets may still yield significant gains when several factors align. The fact that gold has surpassed $3,800, silver is approaching $47, and platinum has exceeded $1,600 all indicate the strength of the current market.

There was a shortage of silver and platinum, and people wanted to buy gold as a safe haven. At the same time, people were expecting the Fed to keep cutting interest rates. These factors made the September surge possible. Uncertainty about possible government shutdowns and a falling dollar also helped.

For investors who closely monitor daily spot prices, the price movement in September reflects the upward trend that began earlier this year. The basic picture is still good since central banks are still buying gold, and industrial demand is keeping silver prices up.

People considering buying gold or adding to their holdings of precious metals should be aware that even in the face of short-term price drops, the case for owning precious metals in the long term remains strong due to the current state of the economy and the world.

Spot price data based on CMI Gold & Silver’s daily spot price feed.

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