Gold prices in U.S. dollars hit a new all-time high on Wednesday, marking the 16th record of 2025. This surge comes ahead of today’s U.S. Federal Reserve decision on interest rates. At the same time, U.S. Treasury Secretary Scott Bessent confirmed that there are no plans to revalue the country’s vast gold reserves.
In late Asian trade, gold prices topped $3045 per ounce before dropping by $20 during London trading hours.
The U.S. holds the world’s largest gold reserves, currently valued at the 1973 rate of $42.22 per ounce. There have been calls for an audit of the gold stored at Fort Knox and other locations.
Bessent addressed rumors on the ‘All-In’ podcast, saying, “I said we’re going to mobilize the asset side of the balance sheet,” which sparked speculation about a potential revaluation of the gold. However, he clarified, “We’re not revaluing the gold.” Instead, Bessent explained, U.S. officials are exploring other assets, like energy leases and federal land, to potentially fund a sovereign wealth fund, rather than using gold revaluation to address the $36.2 trillion national debt.
In other news, Russian President Vladimir Putin reportedly spoke with U.S. President Donald Trump on Tuesday, agreeing to a 30-day pause in targeting energy infrastructure. However, tensions remain high as Russia accused Ukraine of attacking an oil depot, while Ukraine claimed Russia targeted railway power supplies with missiles and drones. Since Russia’s invasion of Ukraine in February 2022, gold prices in U.S. dollars have risen by nearly 60%.
Meanwhile, Germany raised almost €2 billion ($2.2 billion) through new 30-year bonds, with interest rates significantly higher than previous auctions in 2025. This comes after the Bundestag voted to ease the country’s “debt brake,” allowing for more defense spending, according to Chancellor Olaf Scholz.
Gold prices in euros reached a three-week high of €2975 per ounce, although still below the February record. Meanwhile, 30-year Bund yields dropped slightly to 3.09%.
Global stock markets experienced mixed results, with New York stocks rising while London, Frankfurt, and Istanbul saw losses. In Istanbul, the arrest of Mayor Ekrem Imamoglu over corruption charges led to an 8.5% drop in the BIST100 index.
In China, gold prices also hit a new record, with the Shanghai gold benchmark rising 1.0% to ¥707 per gram.
The price of gold in the UK reached £2345 per ounce, the highest since February’s record of £2381. However, silver prices failed to keep pace with gold, dropping 2.1% after testing 12-year highs above $34.20 per ounce.
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