Overview

• Spot gold hovered near $3,536 after an Asian peak at $3,546, with later trading reports saying prices approached $3,600 per ounce.
• Prices are up about 33% year to date and more than 90% since 2023, outpacing major equity benchmarks and bond indices.
• Central banks have been buying roughly 1,000 tonnes of gold annually, and an ECB report shows declining dollar and yuan shares in reserves while gold’s share keeps rising.
• Long-dated sovereign yields reached multi‑year highs, with UK 30‑year gilts around 5.7% and the U.S. 30‑year near 5%, as European markets fell and Wall Street weakened.
• Market drivers cited include new U.S. tariffs, expectations for possible September Fed rate cuts and questions over Fed independence, while silver crossed $40 with gains near 40% in 2025.