Gold Surges Past £3,000 per Ounce for the First Time

Gold prices have reached a historic milestone in sterling terms, surpassing £3,000 per ounce for the first time ever — marking a gain of over 40% year-to-date and setting a new spot record of £3,015.99. In euros, gold has also climbed to fresh highs, trading above €3,400 and reaching a record of €3,477.31.

Silver has followed a similar upward trajectory, achieving new all-time highs of £36.57 in sterling and €42.15 in euros. In US dollars, silver touched $49.10 per ounce this morning, surpassing its previous 2011 peak and moving steadily towards the $50 milestone. The gold-to-silver ratio now sits at 82.78, narrowing from the 90–100 range seen in recent years.

This remarkable performance across both precious metals reflects a combination of safe-haven demand and technical market momentum. A series of geopolitical and economic factors have reinforced investor interest, including the ongoing US government shutdown, the resignation of another French Prime Minister, and Japan’s shift towards looser fiscal policy. Collectively, these developments have heightened global concerns over government debt and the long-term stability of fiat currencies.

Investor appetite has also been fuelled by speculative and institutional activity. ETF holdings in gold and silver have increased significantly this year, as both opportunity-driven traders and cautious investors seek to benefit from the metals’ strong performance and protective qualities amid an uncertain economic outlook.

Adding further optimism, Goldman Sachs recently forecast gold prices could reach $4,900 by December 2026, citing continued central bank accumulation and ETF inflows as key drivers.

While some analysts caution that such rapid growth may lead to short-term consolidation, the underlying fundamentals including inflation concerns, monetary policy uncertainty, and robust global demand remain firmly in place. For now, both gold and silver continue to demonstrate exceptional strength, and further gains before the end of the yearappear increasingly likely.

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