The price of gold has continued its upward trajectory for the fourth consecutive month, driven by geopolitical developments, optimism over potential interest rate cuts by the U.S. Federal Reserve, and ongoing purchases by central banks.
Gold started the year at $2,623 per ounce and maintained a mostly upward trend throughout 2025. Monthly gains included:
- January: +6.67%
- February: +2.17%
- March: +9.26%
- April: +5.26%
Following a stable period in May, June, and July, gold rebounded with 4.8% in August, 11.9% in September, 3.7% in October, and 5.4% in November, reaching a record high of $4,381.6 per ounce this year. Investors have seen returns of up to 60% since January.
Zafer Ergezen, a market and commodities expert, told Anadolu Agency that gold entered a brief consolidation phase before potentially continuing its upward momentum.
“The main driver of gold’s rise is the increasing likelihood of interest rate cuts by the Federal Reserve,” Ergezen said. “The Fed’s signals weakened the U.S. Dollar Index, which in turn boosted precious metals.”
He added that while gold’s closing above $4,000 per ounce may slow the pace of gains, new record levels remain possible if previously closed positions from October reopen.
