Dubai: Gold reached a new record of US$3,825/oz in September, marking its 39th all-time high of 2025, while exchange-traded funds (ETFs) inflows hit a record US$17.3bn, led by North America and Europe.

According to Emirates News Agency, the World Gold Council has released its analysis in the Gold Market Commentary – September Review, highlighting gold’s surge to new record highs and examining future trends as markets become more cautious moving into October.

The report identifies the key factors behind gold’s performance, including record gold-backed ETF inflows, ongoing political tensions, and dollar weakness. It also explores whether gold’s momentum can sustain and emphasizes gold’s role as a reliable hedge amid rising stock market valuations and increasing uncertainty.

The report elaborates on the main drivers, such as political tension, dollar weakness, and robust investor demand, noting that despite being overbought, gold remains strategically under-owned and well-positioned as a hedge with October’s equity risks on the horizon.

Gold ETF flows experienced their strongest month on record, with net inflows of US$17.3bn (146t) primarily driven by North America (US$10.6bn) and Europe (US$4.4bn). Asia also contributed to the rally with US$2.1bn, while other regions reported modest inflows.