Gold and silver saw significant gains last week as the US dollar continues to weaken, pushing silver to a new record high in GBP this morning.

September and October are historically a volatile two-months as traders return from the summer holidays, and the very first day of this period has kicked things off with a bang.

Silver jumped above $40 per ounce on Friday for the first time since August 2011, and has continued to rise as trading began this week, jumping to $40.50 and even spiking above $41 per ounce briefly. There is still some way to go to 2011’s high of $48.70 or 1980’s all-time high of $49.45, but silver is now up 40% so far in 2025, and looks to be steadily building towards those levels.

010925 GBP Chart

In GBP and Euros however, silver has now hit new all time highs. In the UK silver passed the major milestone of £30 per ounce for the first time in history, surpassing the previous record set in 2011. In Euros silver jumped to €34.74 per ounce this morning, the first time it has traded above €34 per ounce.

The weaker dollar, and increasing industrial demand for silver will only be compounded by the increased attention silver is gaining with its performance this year.

Gold is also closing in on it’s spot price record of $2,510 from April this year, hitting a high of $3,490.74 this morning. $3,500 will likely continue to be a resistance point, but could well be broken this week. Today is the Labor Day holiday in the US, meaning a shortened trading day, and there may be some volatility tomorrow as traders return to their desks in the US.

In GBP, gold is at £2,571 per ounce, close to the UK high of £2,610. In Euros, gold hit a high of €2,978.18 per ounce, just shy of the European record of €3,037. Gold could well hit new all-time highs in all three currencies this week, and futures have also jumped higher, suggesting markets expect further gains for gold.

Markets remain confident of a rate cut from the Federal Reserve in just over two weeks’ time. President Trump’s ire with the Fed has turned to other governors recently rather than Chairman Powell, after his attempted dismissal of Lisa Cook. The President looks increasingly likely to do all in his power (and perhaps above it) to force further rate cuts.

The President’s legal challenges do not end with the Fed either, after an appeals court upheld the finding that Trump’s global tariffs are illegal. The tariffs remain in place until October, and a further appeal at the Supreme Court is expected. If the tariffs are ultimately blocked, this would likely see inflation fears recede, and the US dollar weaken further, adding further fuel to gold and silver’s rally.

After a period of consolidation in the summer months, gold and silver look ready to push higher once more for the remainder of 2025.