Quick overview

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Gold prices increased on Wednesday as bargain hunters intervened after bullion fell to a nearly one-week low in the previous session. The US private payroll data was also watched for indications of potential interest rate cuts.

 

The price per ounce of spot gold increased by 0.8 percent to $3,961. Bullion dropped more than 1.5 percent on Tuesday, reaching its lowest level since October 30. At $3,970 per ounce, US gold futures for December delivery increased by 0.2 percent.

Central banks around the world significantly increased their gold purchases in September, reaching the highest level for the year. They collectively added 39 tonnes to their gold reserves, surpassing the 12-month average of 27 tonnes and marking a 79% increase month-over-month.

Overall, net central bank gold purchases for the third quarter totaled 220 tonnes, driven by a strong September. This figure represents a 28% increase compared to Q2 and is 6% higher than the average for the third quarter over the previous five years.

The World Gold Council stated that the increase in central bank gold demand in Q3 “is evidence that central banks continue to add gold strategically, despite facing higher prices.”. According to official data, central banks have consumed 634 tonnes of gold thus far in 2025.

This is higher than the pre-2022 average of 400 to 500 tonnes, but lower than the level over the previous three years. Brazil increased its gold reserves by 15 tonnes, making it the largest buyer in September.