The U.S. DOLLAR PRICE of gold hit a fresh all-time high on Wednesday, marking its 16th new record of 2025 to date ahead of today's US Federal Reserve decision on interest rates, while the US Treasury Secretary said he has no plans to revalue the USA's giant gold bullion reserves.

 

The price of gold today topped $3045 per Troy ounce in late Asian trade, before edging back $20 in London hours.

 

The world's largest sovereign-state bullion reserves – now subject to calls for an audit of gold holdings at Fort Knox and other sites – are currently valued at the 1973 rate of $42.22 per Troy ounce.

 

 

"I said we're gonna mobilize the asset side of the balance sheet," Treasury Secretary Scott Bessent told US venture-capitalist podcast 'All-In' earlier this week, "and all the gold bugs said 'He's gonna revalue the gold!'"

 

"I can say today we're not revaluing the gold, but...every department head is looking for the assets that we can mobilize," former hedge fund manager Bessent went on, citing energy leases and federally-owned land as investments which could form part of a US sovereign wealth fund, rather than using a revaluation of Washington's 8,133 tonnes in gold reserves to release funds for current government spending or paying down a portion of Washington's $36.2 trillion in debt.

 

 

Speaking with US President Trump by phone on Tuesday, Russian President Putin apparently joined Ukraine in agreeing to a 30-day pause in targeting energy infrastructure.

 

But Moscow then accused Kyiv of attacking an oil depot while Ukraine said Russia had struck power supplies to its railway network as part of a missile and drone attack.

 

Gold priced in the Dollar has now risen by 59.9% since Russia began its all-out invasion of Ukraine in February 2022.

 

"Putin is playing a game here," says Germany's defence minister Boris Pistorius of Trump's ceasefire phonecalls, "and I'm sure that the American President won't be able to sit and watch for much longer."

 

Germany today raised almost €2 billion ($2.2bn) in new 30-year bonds, but at significantly higher interest rates than at previous debt auctions in 2025, after the Bundestag voted by a two-thirds majority to reform the world No.3 economy's 'debt brake', thereby "loosening the shackles which have so far prevented us from spending sufficient funds on our defense," according to outgoing Chancellor Olaf Scholz.

 

Gold priced in the Euro hit a 3-week high of €2975 per Troy ounce – still 2.1% below mid-February's Euro gold record – as 30-year Bund yields traded at 3.09% per annum, down 0.1 points from Monday's test of 13-year highs.

 

Global stock markets meantime rose for only the 6th time in 13 sessions so far in March, with a rise in New York offsetting small losses in London and Frankfurt plus an 8.5% plunge in Istanbul's BIST100 index following the arrest of the city's mayor – and likely opposition  presidential candidate – Ekrem Imamoglu over "corruption and terror links".

 

Overnight the Shanghai gold benchmark in China – gold's No.1 consumer nation – rose 1.0% for the day to its own fresh record of ¥707 per gram.

 

The UK Pound price for gold in London today peaked at £2345 per Troy ounce, the highest since the all-time spot-market high of £2381 hit in mid-February.

 

Unlike gold, silver failed to rise further on Wednesday, dropping as much as 2.1% from yesterday's test of 12-year highs in US Dollar terms above $34.20 per ounce.