Gold’s relentless climb in 2025 shows no sign of slowing. Spot prices burst above $3,400 this week—within striking distance of April’s record near $3,500—after renewed hostilities in the Middle East rattled global markets.
Oil spiked 7 % on the news, equities sold off hard, and investors once again reached for the oldest shelter in finance.
Geopolitics is only half the story. The European Central Bank’s latest reserve survey reveals that last year central banks bought so much bullion that gold leap-frogged the euro to become the world’s #2 reserve asset, trailing only the U.S. dollar. Official sector purchases have topped 1,000 tonnes three years running—double the pace of the 2010s—as policymakers worry about currency sanctions and inflation.
Surging energy costs are set to feed fresh inflation pressure, a backdrop that historically boosts gold’s appeal. While Bitcoin steadied above $105 k, its haven credentials remain untested relative to the yellow metal. Long-time gold advocate Peter Schiff sees the miners’ index at its highest level since 2012 as “confirmation the bull market just shifted into overdrive.”
With central-bank buying undiminished and geopolitical risk elevated, traders now eye a decisive break to new highs. If oil remains elevated and inflation expectations rise, bullion’s 2025 rally could still have plenty of runway—cementing its comeback as the reserve asset of choice in an uncertain world.
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