Overview

• Spot gold touched about $3,895 per ounce on Wednesday morning, marking a new all‑time high for a third consecutive day.
• The metal is up roughly 40% to nearly 50% in 2025, heading for its strongest annual advance since 1979 and outpacing Bitcoin and major equity indices.
• Central banks have bought more than 1,000 tonnes annually since 2022, ETF demand has been heavy this year, and China’s reported reserves are near 2,300 tonnes.
• Strategists outline paths to $4,000–$5,000 in scenarios such as bond‑to‑gold reallocations, while some market voices warn the rally looks stretched and vulnerable to a pullback.
• Euro‑area investors have seen a smaller gain of about 26% this year due to a weaker dollar, and gold‑mining shares have surged with the NYSE Arca Gold Miners index nearly doubling.