GOLD ended August in London with its 7th new month-end and month-average price records of 2025 on Friday, making its sharpest weekly jump since mid-June as US tech stocks fell hard after new data showed inflation rebounding in Europe and America.

The 3pm benchmarking auction in London − the world's central hub for gold trading and storage  − came in above $3429 per Troy ounce, almost 3.9% higher from the end of July with a new month-end record barely $70 beneath mid-April's all-time spot market peak of $3500.

That sealed August's gold price average at $3363 per ounce, also the 7th record month in 8 so far this year.

Only 1972 saw gold set a fresh month-average record from January through August.

Spot bullion quotes jumped further after today's 3pm London gold fixing, jumping towards 11-week highs at $3442.

"I honestly can't see a situation right now where the price will decline," says David Tait, CEO of the mining industry's World Gold Council, explaining that "we have various factors at play.

"There's the classic macroeconomic story if US interest rates fall. Then there's the haven theme of everyone buying gold in times of upheaval, which is what we're experiencing now."

Giant gold-tracking ETF trust fund the SPDR product (NYSEArca: GLD) ended last night needing the most bullion to back its shares since early September 2022.

World No.2 gold ETF the iShares Gold Trust (NYSEArca: IAU) − which also vaults the bulk of its bullion backing in London − meantime expanded to its largest size since November that year.

New York gold futures meantime neared a fresh all-time high on Friday on the most active contract, with prices for December settlement rising above $3500 to show an out-sized gap above London bullion quotes of more than $70 per ounce.

Silver also rose sharply today, jumping within 20 cents per ounce of late-July's 14-year peak above $39.50.

"Gold's status as the ultimate 'safe haven' leaves it well placed for any further surprises," reckons Ian Samson, multi-asset portfolio manager at US-based financial giant Fidelity International.

"In addition, the unrelenting size of the US budget deficit raises concerns about monetary debasement, which further boosts the long-term case for gold."

US inflation for July today came in at 2.9% on the core PCE measure, its strongest pace since February.

The USA's trade deficit meantime blew out to $103 billion last month, separate figures said, the worst balance since November-to-March saw US importers rush to stockpile goods ahead of President Trump's 'Liberation Day' trade tariffs announcement in April.

With European equities trading lower for the day, New York's tech-heavy Nasdaq 100 index sank by 1.3% but longer-term borrowing costs held near the lowest since early May at 4.22% per annum on 10-year Treasury bond yields.

Also closing August with fresh month-end and month-average records, gold priced in Euros today touched 10-week spot market highs at €2940 while the UK gold price in Pounds per ounce tested its highest spot bullion print in almost 4 months at £2550.

New data Friday said world No.3 national economy Germany saw the cost of living 2.2% per year this month, topping consensus forecasts.

Shares in the UK's largest banks meanwhile fell as much as 5% after a London think-tank proposed putting a tax on the interest they earn from deposits held at the Bank of England to help Britain's increasingly unpopular Labour Government balance its budget.