Overview

• Spot prices touched about $3,809 per ounce in early Monday trading, setting a new intraday record.
• Deutsche Bank Research highlights central banks and ETF investors as the primary forces behind the rally, with 2025 already ranking among the top three years for ETF inflows.
• Future momentum is seen as sensitive to U.S. monetary policy, with Fed easing likely to support ETF holdings in 2026 while tighter policy or cooling inflation could restrain gains.
• The metal has climbed roughly 45% year to date and nearly 130% over three years, outpacing major stock indexes and Bitcoin in the cited comparisons.
• Safe-haven demand linked to geopolitical strains and U.S. policy uncertainty remains a key factor, while one investor cautions the market looks stretched and vulnerable to a pullback.