Overview

• Spot prices touched about $3,809 per ounce early Monday, with European quotes near €3,278 per ounce on Tuesday morning.
• Gold is up roughly 40–45% this year and has outperformed Bitcoin, Germany’s DAX and the Dow Jones.
• Safe-haven demand linked to geopolitical risks, including Russia’s war in Ukraine and U.S. political tensions, has bolstered buying.
• Deutsche Bank Research cites central banks and ETF investors as the primary drivers, placing 2025 among the biggest years for ETF inflows.
• Investor Sebastian Hell warns the surge appears overbought and says a hawkish Federal Reserve or easing inflation could trigger a pullback.