Precious Metals Untouchable: The Best And Worst Performers Of September, Q3 And 2025 YTD

Q3 was another solid quarter across markets, with global equities and bonds advancing, but it was preciously metals that blew everyone away.

To a large extent, that was driven by ongoing resilience on the growth side, as the tariff impact wasn’t as negative as many feared at the end of Q2. While it feels like an eternity ago, investor relief on the tariffs played an important role. At the start of Q3, markets still faced the end of the original 90-day reciprocal tariff extension on July 9. But that was pushed forward to August 1, and trade deals were reached with major economies like the EU and Japan. So that avoided a bigger snap-back to the original Liberation Day tariff levels. Meanwhile, as DB's Henry Allen writes, the Fed’s move to cut rates in September offered further support, particularly for US Treasuries, which in turn pushed gold prices to their strongest monthly performance since 2011. However, it wasn’t all good news, and fiscal fears in Europe put long-end bonds under fresh pressure there, particularly in France.