Overview

• Spot gold set a new high near $4,049 per ounce this week and traded around $4,037 on Thursday, up roughly 50–54% in 2025; in Europe, quotes hovered near €3,470 with a record close on October 8.
• Silver crossed $50 per ounce for the first time since 1993 and is up about 70% year to date, outpacing gold as industrial demand tightens supply.
• The World Gold Council reported the biggest monthly inflows into physically backed gold ETFs in September and a record $472 billion in global ETF assets at the end of Q3.
• Central banks remain major buyers and have expanded reported reserves substantially, with China among those increasing holdings in recent years.
• Analysts cite safe‑haven demand tied to U.S. fiscal strains, a government shutdown and perceived dovish policy signals, while warning the rally could pause if rate cuts undershoot expectations or fiscal consolidation advances.