What factors supported gold prices last week?

Heightened geopolitical tensions, financial market volatility, and strong demand for gold-backed ETFs—especially in North America—supported the price rise.

WGC: Investor Interest in Gold ETFs Remained Elevated

Gold | 2025-10-01 12:05:47

Gold surpassed other major global assets during the year-to-date period, WGC report noted.

By Paul Ploumis

WGC: Investor Interest in Gold ETFs Remained Elevated

Summary

Gold Price Momentum – Gold rose for the fifth consecutive week to US$3,769.9/oz, up 2.9%, and has gained 44.5% year-to-date, outperforming other major global assets.
Market Drivers – Prices were supported by heightened geopolitical tensions, financial market volatility, and strong investor demand for gold-backed ETFs, especially in North America.
Future Outlook – Gold remains sensitive to geopolitical risks, U.S. government shutdown impacts, and labor market developments, which could continue influencing prices.

SEATTLE (Scrap Monster): The World Gold Council (WGC) released the latest Weekly Markets Monitor report.

According to the data, gold prices increased for the fifth week in a row. At US$3,769.9/oz, the LBMA Gold Price PM increased 2.9%. The price of gold has increased by 44.5% so far this year. According to the WGC report, gold has outperformed other significant global assets so far this year.

Gold prices were supported last week by the increased risks and uncertainties brought on by heightened geopolitical tensions and financial market volatility. Throughout the week, investor interest in gold-backed exchange-traded funds (ETFs) remained high, with North American funds driving the majority of the demand. The price of gold increased, barely missing its main technical resistance level.

In the future, geopolitical uncertainties can still have a significant impact on gold prices. The US Defense (War) Secretary's sudden call for a conference of senior US military leaders at a Virginia installation signals a further change in global threats. There are risks associated with the U.S. government shutdown that went into force today. The state of the labor market in the United States is likewise being attentively monitored.

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How significant is the U.S. government shutdown risk for gold prices?

Extremely significant

Moderately significant

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Frequently Asked Questions

How has gold performed compared to other global assets this year?
Gold has outperformed other significant global assets so far in 2025.
What factors supported gold prices last week?
Heightened geopolitical tensions, financial market volatility, and strong demand for gold-backed ETFs—especially in North America—supported the price rise.
How is investor interest in gold-backed ETFs?
Investor interest remained high, with North American funds driving the majority of demand.