Gold Set New ATH — Market Capitalization Exceeded $30T

• On October 16, the price of gold set a new record.
• The asset reached $4,380 per ounce.
• The rise in the gold price is due to trade tensions between the US and China, as well as expectations of Fed rate cuts.

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On October 16, 2025, the gold price reached its all-time high (ATH) at $ 4,380 per ounce, according to TradingView. According to Companies MarketCap, the market capitalization of gold is approximately $30.38 trillion, which underscores its dominance as the primary safe-haven asset for global investors, as noted in The Economic Times.

Since the beginning of the year, the price of gold has risen by more than 60%, driven by geopolitical risks, expectations of aggressive Federal Reserve rate cuts, massive central bank purchases, as well as increasing de-dollarization trends and inflows into gold ETFs. At the time of writing, gold is trading at around $4,360.

Gold price from broker OANDA. Source: TradingView.

Thus, investors are actively moving to safe assets amid heightened market volatility, a weaker US dollar, and expectations of loose monetary policy. This has made gold particularly attractive, experts say.

In particular, Craig Erlam, an analyst at OANDA’s MarketPulse, said:

Meanwhile, according to Reuters, ANZ Financial Group predicts that gold could reach $4,400 an ounce by the end of 2025 and peak at around $4,600 in mid-2026, followed by a correction as the Fed’s rate-cutting cycle comes to an end.

The Trading Economics platform expects prices to stabilize at around $4,066 by the end of the current quarter, with the potential to rise to $4,248 over the next 12 months.

Based on the analyzed material, the following main drivers of the gold rally can be identified:

• Expectations of the Fed’s rate cuts
• Weakening of the US dollar
• Escalation of trade conflicts between the US and China
• Increased demand for safe-haven assets
• Steady purchases of gold by central banks

The previous gold price record was set on September 22 amid a deep correction in the crypto market.