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On this day — September 29, 2025

Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.

Day 272 of 365 · Q3 2025 · 74.5% through the year

September 2025 gold market: A weak dollar powers the rally on

Bullish

Dollar weakness — gold's most reliable tailwind — drove it higher.

Gold remained strong in September as the US dollar weakened significantly through 2025 — one of the most reliable relationships in markets is that a falling dollar lifts gold. Reviving rate-cut expectations and continued investment demand reinforced the sustained bullish trend.

What drove gold in September 2025

  • significant US dollar weakness
  • Fed rate-cut expectations
  • continued investment demand
  • central-bank buying
Themes#US dollar weakness#Fed rate cuts#investment demand

Key events in September 2025

  1. Sep 17Fed signals/begins easing; dollar weakens, gold strengthens (verify date)

What happened next

Momentum and an actual rate cut carried gold to the historic $4,000 milestone in October.

For gold buyers

September leaned on gold's most dependable driver: when the dollar falls, gold tends to rise — and in 2025 the dollar fell hard.

Key terms this month

Dollar–gold inverse relationship:
Gold is priced in US dollars, so a weaker dollar generally makes gold cheaper for other currencies and lifts its price — one of the strongest relationships in markets.

Sep 29 across the years — 20202022

-12.2% over 2 years
20202022
YearSep 29 closevs prior
Sep 29, 2022$1,654.80-4.74%View
Sep 29, 2021$1,737.20-7.79%View
Sep 29, 2020$1,884.00View
Each row is the verified XAU/USD spot close for Sep 29 of that year. Click any row to open the full daily archive (with country tables for Sep 29, 2020+).