Gold surged to $3,782.98 per ounce on September 23, up 1% on the day and more than 13% this month. Year-to-date, the metal has gained 44%, putting it among 2025’s best-performing assets. Breakouts above resistance at $3,720 confirmed strong buyer momentum as traders targeted the next milestone at $3,800.
Performance metrics across time frames underscore the strength of the rally: gold rose 3.4% in the past week, 25.34% in the past six months, and is nearly matching its full-year gain rate of 44.3%.
The surge reflects investor demand for safety amid inflation pressures, currency weakness, and geopolitical risks. Those conditions continue to drive institutional flows into the metal. Market watchers now look at $3,800 as the level that could attract even more inflows.
The debate around gold’s practicality also surfaced in the public sphere. Changpeng Zhao (CZ) that carrying and verifying physical gold is cumbersome, drawing comparisons with the portability of digital assets. Analyst Lark Davis added that gold’s momentum could serve as a precursor to Bitcoin’s next major move.
Bitcoin vs Gold: The Future of Central Bank Reserves by 2030
The bank contrasted gold’s lag on an M2-adjusted basis with Bitcoin’s stronger performance against money supply growth. Gold has yet to exceed its inflation-adjusted peaks from 1980 and 2011, while Bitcoin has consistently set new records relative to U.S. M2 growth.
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