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Price of gold and silver rise to all-time high: "$4,000 by Christmas is a strong possibility"

ended 23. September 2025

PRICES of gold and silver continued rising this week to a new all-time high – as experts claim it could increase further by the end of the year.

Gold is trading at $3,778/oz, up 42% this year, with JPMorgan forecasting $4,000 by Q2 2026. 

Silver hit $42/oz with a 45% gain this year.

Anita Wright, Chartered Financial Planner at Ribble Wealth Management, said the price of gold and silver is only going to increase.

She said: "There’s every chance the gold and silver momentum could carry further. Driven by record central bank buying, sticky inflation, stretched equity valuations, and geopolitical tension, silver could climb toward $50s per ounce by year-end, with gold testing the $3,800–$3,900 range. 

"Looking into 2026, much will hinge on the Fed’s next moves, the depth of any economic slowdown, and whether central banks – such as the Saudi Central Bank, which recently acquired a holding in SLV – continue diversifying away from the dollar. 

“Investors are certainly showing more interest in restructuring portfolios to include a higher weighting in gold and silver. For many, these metals are no longer simply ‘insurance policies’ but are being viewed as strategic allocations in a world of fiscal deficits and negative real yields. The risks shouldn’t be overlooked. Precious metals can be volatile, particularly silver, which often overshoots both on the upside and downside.”

Paul Williams, Managing Director at Solomon Global, agreed, adding: "Gold has scaled yet another all-time high today and is in touching distance of $3,800, having hit dozens of all-time highs this year so far. 

"In a month, the gold price has increased by over $400 (up 12%) and risen an astonishing 44% over the past 12 months, supported by numerous factors including a softening US dollar, inflation concerns, anticipated additional rate cuts from the Fed, declining confidence in risk assets, ongoing geopolitical flashpoints and continued accumulation by central banks. 

"These dynamics and this momentum look set to remain, putting gold on a trajectory that makes $4,000 by Christmas a strong possibility."

Jim Tannahill, Managing Director at London-based Suttons and Robertsons, said now is the time to cash in on old jewellery. 

He said: "This is an ideal time to think about cashing in on old, broken jewellery or unwanted coins particularly if you need the cash. Weigh your items at home yourself. Know whether your piece is simply scrap gold or something with added value, like branded jewellery or collectible coins. Always check the live gold price online and remember that purity will affect what your items are worth. 

"Get at least two quotes and steer clear of postal services which only give a valuation once items are received. Gold prices move daily, so timing is key. Right now you’d receive almost 80% more than you would have done in Sept 2023. 

“We’ve seen a sharp rise in people selling unwanted items, but also in those using our pawnbroking service to borrow against their gold. As prices rise, customers can borrow more, whilst keeping ownership - allowing them to unlock short-term cash without losing the asset or its future value.” 

Samuel Mather-Holgate, Independent Financial Adviser at Swindon-based Mather and Murray Financial, advised that now may be the time to cash in.

He said: "Precious metals have been on a flyer, and the risk of piling in now is that they are already at record highs and could be ripe for a correction. However, global stock markets are also pumping new highs and if there’s a wobble in markets caused by geopolitical tensions, gold and silver tend to be where capital flies to. 

“If stability ensues, money could go in reverse. It might be time to take profits rather than dive in.”

Eamonn Prendergast, Chartered Financial Adviser at Bromley-based Palantir Financial Planning Ltd, even advised against investing in gold.

He said: "Gold glitters as uncertainty bites, but investors should avoid FOMO. Prices are being driven by inflation fears, geopolitics, and central bank demand, but gold should only ever be part of a diversified portfolio. 

“It pays no dividends, so returns rely on price moves. ETFs held in ISAs or pensions are tax and cost-effective. Most UK gold Sovereigns and Britannias coins are exempt from capital gain tax unlikely gold bullion. Selling coins can be tricky, online marketplaces carry risk of fraud, while brokers offer quicker exits but often at lower prices.”

6 responses from the Newspage community

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Editor
Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
Precious metals have been on a flyer, and the risk of piling in now is that they are already at record highs and could be ripe for a correction. However, global stock markets are also pumping new highs and if there’s a wobble in markets caused by geopolitical tensions, gold and silver tend to be where capital flies to. If stability ensures, money could go in reverse. It might be time to take profits rather than dive in.
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Editor
Eamonn Prendergast
Chartered Financial Adviser at Palantir Financial Planning Ltd
Gold glitters as uncertainty bites, but investors should avoid FOMO. Prices are being driven by inflation fears, geopolitics, and central bank demand, but gold should only ever be part of a diversified portfolio. It pays no dividends, so returns rely on price moves. ETFs held in ISAs or pensions are tax and cost-effective. Most UK gold Sovereigns and Britannias coins are exempt from capital gain tax unlikely gold bullion. Selling coins can be tricky, online marketplaces carry risk of fraud, while brokers offer quicker exits but often at lower prices.
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Editor
Anita Wright
Chartered Financial Planner at Ribble Wealth Management
There’s every chance the gold and silver momentum could carry further. Driven by record central bank buying, sticky inflation, stretched equity valuations, and geopolitical tension, silver could climb toward $50s per ounce by year-end, with gold testing the $3,800–$3,900 range. Looking into 2026, much will hinge on the Fed’s next moves, the depth of any economic slowdown, and whether central banks – such as the Saudi Central Bank, which recently acquired a holding in SLV – continue diversifying away from the dollar. Investors are certainly showing more interest in restructuring portfolios to include a higher weighting in gold and silver. For many, these metals are no longer simply “insurance policies” but are being viewed as strategic allocations in a world of fiscal deficits and negative real yields. The risks shouldn’t be overlooked. Precious metals can be volatile, particularly silver, which often overshoots both on the upside and downside.
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Editor
Tony Redondo
Founder at Cosmos Currency Exchange
Gold trades at $3,778/oz, up 42% year-over-year, with JPMorgan forecasting $4,000 by Q2 2026. Silver hit $42/oz with a 45% YTD gain. Key drivers include central bank diversification from USD, geopolitical tensions, and safe-haven demand. Investment options range from physical bullion (most cost-effective long-term) to ETFs (liquid) and mining stocks (leveraged). Risks include Fed policy shifts and easing tensions. The confluence of geopolitical uncertainty, central bank buying, and monetary concerns creates a sustained bull market, though past performance doesn't guarantee future results.
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Paul Williams
Managing Director at Solomon Global
Gold has scaled yet another all-time high today and is in touching distance of $3800, having hit dozens of ATHs this year so far. In a month, the gold price has increased by over $400 (up 12%) and risen an astonishing 44% over the past 12 months, supported by numerous factors including a softening US dollar, inflation concerns, anticipated additional rate cuts from the Fed, declining confidence in risk assets, ongoing geopolitical flashpoints and continued accumulation by central banks. These dynamics and this momentum look set to remain, putting gold on a trajectory that makes $4,000 by Christmas a strong possibility.
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Jim Tannahill
Managing Director at Suttons and Robertsons
This is an ideal time to think about cashing in on old, broken jewellery or unwanted coins particularly if you need the cash.

Weigh your items at home yourself. Know whether your piece is simply scrap gold or something with added value, like branded jewellery or collectible coins. Always check the live gold price online and remember that purity will affect what your items are worth. Get at least two quotes and steer clear of postal services which only give a valuation once items are received.

Gold prices move daily, so timing is key. Right now you’d receive almost 80% more than you would have done in Sept 2023.

At Suttons and Robertsons we offer valuations both in store and online. We’ve seen a sharp rise in people selling unwanted items, but also in those using our pawnbroking service to borrow against their gold. As prices rise, customers can borrow more, whilst keeping ownership - allowing them to unlock short-term cash without losing the asset or its future value.