Gold’s strength continued in September. The LBMA Gold Price PM recorded its largest monthly increase since January 2012 and its strongest quarterly performance since Q1 2016. But more notably, the SHAUPM registered its strongest month on record and its second strongest quarter ever with a 14% gain—just behind Q1 2025’s 18% surge. Having reached record highs 36 times during the first three quarters of 2025, the SHAUPM’s y-t-d return extended to 36%, to date the best year on record (Chart 1). The LBMA Gold Price PM jumped 43% between January and September, the best y-t-d performance since 1979. Gold’s relatively weaker ... (full story)