Gold and silver settle in at record levels

After soaring to new highs at the start of the week, gold and silver have settled down for now ahead of a key US jobs report later today.

Gold hit a new all-time high in US dollars of $3,579.24 per ounce on Wednesday, and despite a slight pullback, is holding around $3,550 today. In GBP, gold is firmly above £2,600 after hitting a UK record of £2,661. In euros, gold remains above €3,000 per ounce, having hit a high of €3,068.12.

Silver also continues to hold up well. In USD, silver has not yet matched either the 2011 or 1980 highs and has slipped just below $41 per ounce today. The metal hit new highs of £30.87 and €35.55 in pounds and euros respectively, and is up nearly 5% this week alone.

The latest US non-farm payroll data (released later today) will be a key part of the Fed’s decision on US interest rates on September 17th. Markets already see a 99% chance of a cut according to the CME FedWatch tool, but today’s report could shift these expectations.

A stronger report could see odds of a cut drop a little, and the US dollar strengthen, while a weaker report could see the odds for a 50bp cut rise, and the US dollar weaken. After last month’s report shocked markets and prompted President Trump to fire the head of the Bureau of Labor Statistics, today’s report could also cause volatility.

The gains at the start of the week were largely driven by a global sell-off of bonds, which saw yields for many countries’ bonds jump to multi-year highs. The sell-off was sparked by growing fears over inflation, government debt, and fiscal discipline, and although yields have also settled for now, the sell-off could quickly turn into a crisis if momentum builds.

The French government is largely expected to collapse on Monday when the Prime Minister faces a no-confidence vote he will likely lose, while in the UK, the government have confirmed a late Autumn Budget on November 26th. Both countries are struggling with growing debt, and will be closely watched by markets for how they respond.

Despite the record high price of gold, analysts believe it has room for further highs. Standard Chartered Bank have stated they believe gold will average around $3,700 per ounce in Q4 of this year. Goldman Sachs meanwhile have suggested gold could climb to $5,000 per ounce next year if President Trump undermines the Fed’s independence.

This week’s rally continues gold and silvers impressive performance in 2025, and with four months left, many investors are now wondering just how high both metals will climb.