On September 29, the price of gold reached a record high of $3,800 per ounce. This increase follows a period of stabilization during the summer months, culminating in a notable upswing as August concluded.
After surpassing the $3,500 mark, gold prices continued their upward trajectory, swiftly moving past $3,600 and $3,700. Over the past month, gold has appreciated by over 10% and has risen approximately 44% since the start of the year.
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The impact of economic uncertainties
This significant rise in gold prices is primarily driven by escalating concerns over a potential US government shutdown. With the deadline for Congress to finalize a spending bill approaching, lawmakers are under pressure to avert a fiscal crisis. If an agreement is not reached by the end of September, government operations will halt, impacting various sectors.
Negotiations between Democrats and Republicans are currently tense. Democrats are pushing for changes to the spending bill, including an extension of funding for the Affordable Care Act. Meanwhile, President Trump has warned of substantial layoffs if a shutdown occurs.
Factors driving gold’s ascent
Several underlying factors beyond the political landscape are contributing to gold’s upward trend. Central banks worldwide have been actively purchasing gold, indicating a shift in financial strategies as they seek stability amid geopolitical uncertainties. Additionally, concerns regarding the stability of the US dollar and other fiat currencies have made gold a more attractive investment.
Expectations of lower interest rates in the near future are further driving investors towards gold as a safe haven asset. Analysts project that gold could surpass $4,000 per ounce before the year ends, although a market correction is anticipated prior to reaching that milestone.
Leadership changes in major mining corporations
The recent surge in gold prices coincides with significant leadership changes at two of the industry’s largest companies, Barrick Gold and Newmont Corporation. On the day gold hit $3,800, Barrick’s President and CEO, Mark Bristow, unexpectedly left the company after nearly seven years in charge. His departure aligns with a strategic shift towards copper mining and a divestment initiative aimed at refining the company’s asset portfolio.
Mark Hill, who has overseen Barrick’s operations in Latin America and the Asia Pacific, has been appointed interim President and CEO while retaining his role as Chief Operating Officer.
Newmont’s leadership transition
Meanwhile, Newmont Corporation has announced the retirement of its CEO, Tom Palmer, effective January 1, 2026. Natascha Viljoen, currently the President and Chief Operating Officer of the company, will assume the leadership role. Palmer will serve in a strategic advisory capacity until his official retirement in March 2026.
Industry analysts note that Newmont’s management has been preparing for this transition, indicating a well-defined succession strategy. The company has also been engaged in a comprehensive portfolio optimization effort, having acquired Newcrest Mining in 2023 and recently finalizing the sale of non-essential assets.
After surpassing the $3,500 mark, gold prices continued their upward trajectory, swiftly moving past $3,600 and $3,700. Over the past month, gold has appreciated by over 10% and has risen approximately 44% since the start of the year.0
After surpassing the $3,500 mark, gold prices continued their upward trajectory, swiftly moving past $3,600 and $3,700. Over the past month, gold has appreciated by over 10% and has risen approximately 44% since the start of the year.1
After surpassing the $3,500 mark, gold prices continued their upward trajectory, swiftly moving past $3,600 and $3,700. Over the past month, gold has appreciated by over 10% and has risen approximately 44% since the start of the year.2
