Gold’s record-setting rise continued on Monday (September 29) as the price broke US$3,800 per ounce.
After spending the summer months consolidating, the yellow metal began pushing higher toward the end of August. It quickly took out US$3,500 and continued on past US$3,600, US$3,700 and now US$3,800.
The yellow metal is up over 10 percent in the last month, and about 44 percent year-to-date.
Gold price chart, June 28 to September 29, 2025.
Gold’s latest rise comes amid concerns about a US government shutdown.
Congress has until the end of Tuesday (September 30) to reach a deal on a spending bill ahead of the new fiscal year, and will close shop the next day if an agreement hasn’t been reached.
Democrats and Republicans are currently at loggerheads as Democrats push for changes to the bill, including an extension to billions of dollars in subsidies for Obamacare, and as President Donald Trump threatens thousands of permanent layoffs — not just temporary furloughs — in the event of a shutdown.
Beyond current events, gold’s rise is underpinned by factors like strong central bank buying, global geopolitical uncertainty, concerns about the US dollar and other fiat currencies and expectations of lower interest rates.
Those factors have many experts predicting a rise beyond US$4,000, potentially before the end of the year, although a correction is widely expected beforehand.
Barrick, Newmont announce leadership changes
Gold’s US$3,800 milestone comes as major miners Barrick Mining (TSX:ABX,NYSE:B) and Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) announce leadership changes.
Barrick President and CEO Mark Bristow unexpectedly stepped down on Monday after nearly seven years at the helm of the company. His exit comes after major changes at the company, including a shift toward copper and an asset divestment program designed to hone the company’s focus on tier-one assets.
Bristow’s departure is effective immediately. Mark Hill, who is responsible for the company’s Latam and Asia Pacific regions, has stepped in as group COO, and interim president and CEO.
Also on Monday, Newmont announced the retirement of CEO Tom Palmer, who has held the position since 2019. He will be succeeded by Natascha Viljoen, currently the company’s president and COO, on January 1, 2026; Palmer will maintain a strategic advisor position until officially retiring on March 31, 2026.
Analysts note that Newmont had been signaling that a succession plan was in the works.
Similar to Barrick, the company has been in the midst of an extensive program geared at streamlining its portfolio. Newmont acquired Newcrest Mining in 2023, and in February 2024 announced a program to sell non-core assets. It completed the program in April of this year, but has continued to make portfolio adjustments, including the recently announced sale of the Yukon-based Coffee project to Fuerte Metals (TSXV:FMT,OTCQB:FUEMF).
During the last gold bull run, miners were criticized for allowing their costs to get out of hand, and for doing high-priced deals when the market was hot. This time around, they seem to be making efforts to remain in control and make decisions that benefit both their bottom lines and shareholders.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
