Gold is trading at record levels in both the United States and Poland. Prices have reached $3,693.7 per ounce, while in Poland the price has climbed to PLN 13,316. This surge comes on the eve of the Federal Reserve’s meeting, which may prove turbulent due to political tensions surrounding the central bank. Geopolitical risks are also fueling demand: according to eToro’s Pulse of the Individual Investor survey, Polish investors rank international conflict as the greatest threat to their portfolios—above inflation or recession.
On Tuesday morning, gold hit a new all-time high of $3,693.7 per ounce. The rally has been supported by a weaker U.S. dollar and falling yields on U.S. Treasury bonds. The dollar is now trading at PLN 3.6051, its weakest level against the zloty since May 2018. As a result, gold prices are also at record highs for domestic investors. Last week, the ounce crossed PLN 13,000, and today it stands at PLN 13,316. One ounce equals 31.1035 grams, which means the price of one gram of gold is now a record PLN 428.
Investors are focused on the Federal Reserve, which begins its two-day meeting today. Markets are almost certain of a 25 basis point rate cut—the first since December. Analysts expect one or two additional cuts by the end of the year. Such a scenario favors gold, a non-interest-bearing asset that thrives in low-rate and high-uncertainty environments. This time, however, the Fed’s decision is taking place under strong political pressure, with President Donald Trump seeking to exert greater influence over monetary policy.
The U.S. dollar has weakened to its lowest in a week, while 10-year Treasury yields have dropped, boosting gold’s attractiveness for international investors. Additional momentum has come from signals out of China suggesting potential easing of gold import and export rules.
Recent U.S. data showed inflation accelerating to a seven-month high, alongside signs of labor market weakness. This mix has increased expectations of further Fed rate cuts, supporting gold prices.
Geopolitical developments are also playing a role. Drone incidents last week that breached NATO airspace over Poland and Romania have heightened investor interest in gold—particularly in the Polish market. eToro’s survey reveals that 25% of Polish investors see international conflict as the biggest risk to their portfolios, ahead of inflation (22%) and recession risks both at home and globally (12% each).
All data as of September 16, 2025, 9:10 CET
Author: Paweł Majtkowski, Market Analyst at eToro
Source: CEO.com.pl
