Overview

• Spot prices pushed to roughly $3,600 per ounce after vaulting $3,500, extending gains to about 36% for the year.
• Market stress intensified as US 30-year Treasury yields hovered near 5% and UK 30-year gilt yields reached about 5.7%, the highest since 1998.
• Silver crossed $40 per ounce for the first time since 2011, rising roughly 40% since the start of 2025.
• An ECB report shows declining dollar and yuan shares in official reserves while gold’s share rises, alongside central-bank purchases near 1,000 tonnes annually.
• The World Gold Council is moving forward with a London pilot for a digital ‘pooled gold interest’ that enables fractional transfers of physical bullion, with a trial targeted for Q1 2026.