The GOLD PRICE rose to yet more new all-time highs on Wednesday, extending September 2025's record monthly jump of nearly $400 per ounce as the US government went into 'shutdown' and Russia downplayed the threat of US President Trump selling Tomahawk missiles to Ukraine to fight against Moscow's 3-year war.

Like gold, global stock markets also rose again as October began, taking the MSCI World Index of developed-economy equities back to last Monday's record high with a gain of 3.1% from the start of last month.

Priced in Dollars, gold rose $396 per Troy ounce in September, jumping 11.6% to just beat the percentage gold gains of July 2020 and February 2016 by making its steepest monthly jump since January 2012.

Gold has risen faster than last month only 18 times since US President Nixon cut gold prices free from the Dollar's then-official peg of $35 per Troy ounce in 1971, just 2 of them so far this century and once in 1999.

Before that, gold prices rose faster than September 2025 on a calendar-month basis five times in each of the early 1970s, the late 1970s, and the early 1980s.

On a daily basis, gold priced in Dollars last month set a fresh all-time high on 11 of September's 22 trading days in global trading and storage hub London.

That's the most since November 2009 matched the all-time record of 12 hit in October 1978.

"The S&P has outperformed each time," says precious metals analyst Rhona O'Connell at brokerage StoneX, reviewing the past 4 periods of US government shutdown, "then gold, the Dollar [and] 2-year Treasury" bonds.

With US President Trump calling on government agencies to fire rather than furlough non-essential staff hit by the shutdown, and with Friday's monthly US jobs data release now likely to be cancelled after the Senate failed to agree a deal to fund federal services, the price of gold today peaked within $5 per Troy ounce of $3900 before dropping to $3870 and cutting the jump from Tuesday's London finish to 1.1%.

Futures contracts on the S&P500 index of US corporate stocks meantime pointed to a 0.4% drop for the New York opening, while the Dollar fell further on the FX market and 2-year Treasury bond prices hit 2-week highs, pushing down yields to 3.55% per annum.

Silver prices meantime rebounded to $47.50 per Troy ounce, only 5.0% off silver's all-time record highs of April 2011 and January 1980 after recording a 19.0% month-on-month jump − the sharpest percentage gain since December 2020 − ahead of the US government shutdown starting last night.

Fellow industrial precious metals platinum and palladium also rose from Tuesday's sudden bullion price plunge, climbing to trade close to unchanged for the week so far at $1569 and $1246 per Troy ounce respectively.

"Elevated geopolitical tensions with ongoing conflicts in the Middle East and the Russia and Ukraine war have increased market participants' appetites for safe havens," says O'Connell's colleague Natalie Scott-Gray at StoneX, "with the copper-to-gold ratio having fallen to its lowest level on record."

Year-to-date, copper ended September 18.3% higher in the US Dollar, but the crucial base metal − essential to everything from electrics to plumbing − showed a rise of only 4.7% in Euro terms.

Crude oil meantime lost 22.8% in Euro terms over the first 9 months of 2025, falling 13.6% in US Dollars and testing 4-month lows on Wednesday as the Opec+ cartel of producer nations discussed raising output despite talk of a supply "glut".

With political-terrorist group Hamas said to be "considering" the US-led Israel-Gaza peace proposals on Wednesday, "I'd be surprised if America believes that Ukraine is a responsible country that will use them responsibly," said Moscow's Foreign Minister Sergey Lavrov of the long-range Tomahawk cruise missiles, a technology which would require US or Nato military-alliance data, targeting and most likely operating staff.

"Even if the Tomahawks arrive in Ukraine, this will not change the military situation."

Gold in Euro terms last month rose 11.1%, the sharpest such gain since January 2015, before rising to yet another fresh all-time peak at €3318 per Troy ounce today.

The UK gold price in Pounds per ounce also set a new record high Wednesday morning, topping £2891 after rising 11.8% in September.

That was the steepest 1-month rise since gold leapt on the UK's Brexit referendum shock, rising 18.9% across June 2016.