Gold Prices Surge in September: What’s Driving the Rally and What’s Next for October

Gold jumped over 9% in September 2025. See why prices surged, what could move the market in October, and how it fits your portfolio.

Gold in France posted a strong run through September, with spot prices climbing sharply.
According to market data, gold touched a high near US $3,861.34/oz on 1 October, up roughly 9.2 % during September and more than 45 % higher year-on-year. In euro terms, price charts show a similar upward trend in recent weeks.

Several factors supported this rally:

Global investors seeking safe-haven assets amid continued geopolitical tensions
Expectations that major central banks could pause or cut rates sooner than expected
Sustained central-bank gold buying across Asia and the Middle East
A slightly weaker US dollar during parts of the month

“Gold could trade above US $4,000/oz in the near term if these dynamics persist,” HSBC analysts told Reuters on 3 October 2025.

Outlook for October: Steady but Cautious

Heading into October, analysts see continued support for gold if economic volatility lingers, inflation pressures remain contained, or monetary policy turns more dovish.
That said, a stronger dollar, any surprise rate hikes, or calming geopolitical risks could slow momentum or trigger a pullback.

Disclaimer: This outlook is informational only and not financial advice. Gold prices remain volatile, so always do your own research or consult a professional before making investment decisions.