Overview

• Spot prices touched $3,809 per ounce in early Monday trading, setting a fresh all‑time high.
• Gold has gained roughly 40–45% year to date, including nearly 10% in September, outpacing Bitcoin, the DAX and the Dow Jones.
• Deutsche Bank Research highlights sovereign buyers and ETF investors as the primary forces, with 2025 already among the top three years for gold ETF inflows.
• Safe‑haven buying reflects ongoing geopolitical risks, U.S. policy uncertainty and worries about the dollar, alongside demand for inflation protection.
• Investor Sebastian Hell warns the surge is a warning signal, saying prices look overstretched and could retreat if inflation cools or the Fed shifts to a tougher stance.