Gold prices on September 23, 2025 rose to new record levels backed by increased haven demand as recent comments from Federal Reserve officials sparked some caution over future interest rate cuts.
Gold rose 0.8% to $3,780.83 an ounce, having climbed as high as $3,191.10, a new record, and gold futures gained 1.1% to $3,817.00/oz.
The Fed lowered its federal funds rate target range by 25 basis points to 4.00% – 4.25% at its September meeting and indicated another 50 basis points of rate cuts by the end of the year.
Markets are now pricing in about a 90% chance of a 25 basis point Fed rate cut in October and a 75% chance of another 25 bps cut in December.
Cedi gains push down BoG gold coin prices
In domestic markets, with Indian Rupee also tumbling to record lows, Gold prices surged to fresh lifetime highs supported by robust festive demand in India & a weaker US dollar.
In domestic markets, 24-carat gold climbed to around Rs 117,500 per 10 grams in Mumbai, while 22-carat gold was quoted near Rs 105,000.
Silver also joined the rally, trading above Rs 1,40,000 per kg in some markets.
Fed Chair Jerome Powell said the central bank faces a “challenging situation” with ongoing risks of faster-than-expected inflation while weak job growth raises concerns about labor market health.
“The gold market recognized that there was nothing significant in his speech compared to the tone set last week, nothing significant enough to change the upside path in gold,” he said.
However, Silver rose 0.2% to $44.17 per ounce, hovering near a 14-year high.
Meanwhile, Platinum rose 4.5% to $1,480.97, its highest level since 2014 and palladium rose 2.8% to $1,212.
SP/SA
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