Gold extended its modest rally on Friday September 19th, climbing to a spot price of $3,656.52 per troy ounce, up $11.80. Silver also registered gains, trading at $41.81 per ounce, an increase of $0.14 on the day. The precious metals complex benefitted from a slightly softer U.S. dollar and mixed Treasury yields: the 10-year U.S. Treasury yield ticked higher to 4.14%, up three basis points, as investors weighed the Federal Reserve’s recent rate cut against still-strong labor market data. Equities traded near flat, while industrial metals lagged, underscoring safe-haven demand for gold and silver. Market participants also parsed Fed commentary regarding “risk management,” and will look to incoming PCE and employment data for new signals about the rate trajectory and metals demand.
In a major development highlighted by CNBC, Ray Dalio—founder of Bridgewater Associates—warned Friday that surging U.S. debt and relentless government spending have rendered the fiscal situation “unsustainable,” putting traditional currencies at risk of significant devaluation. Dalio emphasized during the Future Global Forum 2025 that gold and non-fiat currencies are now emerging as stronger stores of value. He advocated for a diversified investment approach, specifically recommending that investors allocate up to 10% of their portfolios to gold. Dalio cited the declining appeal of major currencies as safe havens and pointed to the dollar’s 10% drop versus gold this year, underscoring gold’s ascent as the world’s second-largest reserve asset. His outlook signals that gold’s strategic role as a hedge against systemic fiscal risk could drive further institutional and retail accumulation as global debt pressures intensify.
