Gold has broken through the major milestone of $4,000 per ounce for the first time in history, as the metal’s latest historic rally continues to gain pace.

Gold is now up more than 50% so far in 2025, the metal’s best performance in decades. Breaking $4,000 marks another key psychological barrier, yet gold pushed through with little signs of resistance, and has so far today continued to trade above $4,000 after hitting a record high of $4,040.43 per ounce.

081025 USD Chart

In GBP gold hit £3,000 per ounce for the first time, with a gain of over 40% year-to-date, and a current spot record of £3,015.99. In euros gold is trading above €3,400, with a new all-time high of €3,477.31.

Silver also saw fresh highs in sterling and euros of £36.57 and €42.15 respectively. In USD, silver continues to march towards a new all-time high of $50, and after hitting $49.10 per ounce this morning, has now beaten the 2011 peak. The gold-silver ratio is now sitting at 82.78 after spending recent years at the 90 – 100 range.

Both metals continue to benefit from both safe haven investment demand, and bullish chart trading. The ongoing US government shutdown, the resignation of another French Prime Minister, and a new fiscally loose Japanese Prime Minister have all contributed to the general concerns globally on government debt, and the risks of fiat money.

Traders are also piling into gold and silver however after seeing such stellar performance all year. ETF holdings have risen this year as opportunity buyers look to profit from gold’s gains, while also benefiting from its safe haven status in the gloomy economic outlook.

Goldman Sachs are now forecasting gold to hit $4,900 by December 2026, with this year’s rally continuing next year. Analysts highlighted both ETF buying and ongoing central bank buying has the key drivers behind their forecasted gains.

The pace of the rally is certainly exceptional, and many investors may be wondering how long it can be sustained before consolidation or a pull-back happens, but so far there has been few signs of this. With so much uncertainty weighing on the market the fundamental drivers behind gold and silver’s rallies remains solid, and further gains before the end of the year remain highly likely.