Gold Prices Soar to Record High of $3,800 per Ounce

Gold prices have hit a record high of $3,800 per ounce as global central banks accelerate their buying spree. The surge in gold prices from September 2024 to September 2025 has been driven by a weaker dollar, persistent inflation, and geopolitical tensions.

Nigeria has seen a significant windfall due to the surge, with the Central Bank of Nigeria holding a substantial amount of gold. Central banks worldwide, including those of Ghana, China, and Kazakhstan, have been strengthening their gold reserves.

Notably, Russia and Indonesia have been selling off gold. The World Gold Council reports that global central banks continue to increase their gold holdings, with several banks adding to their reserves.