Overview

• Spot prices climbed as high as $3,949.34 on Monday for a seventh straight weekly advance, putting year‑to‑date gains near the mid‑40s to upper‑40s percent range.
• Central banks have logged net purchases exceeding 1,000 tonnes this year as they diversify reserves away from the dollar, with China encouraging allied buyers to use the Shanghai Gold Exchange for local storage.
• Physically backed ETFs drew about $60 billion in net inflows in 2025, including $13.6 billion over the past four weeks, lifting holdings above 3,800 tonnes.
• A weaker dollar, expectations for further Fed rate cuts, geopolitical conflicts, and the U.S. government shutdown have intensified demand for haven assets.
• Major banks have lifted price views, with Deutsche Bank, Goldman Sachs and Bank of America pointing to a path toward $4,000 and some scenarios discussed as high as $5,000.