Overview
- Spot prices reached $4,378.69 on Friday and registered the strongest weekly advance since December 2008, according to market reports.
- Deutsche Bank estimates gold’s share of global reserves has risen from about 24% to roughly 30% as the dollar’s portion declines from around 43% to 40%.
- Analysts cite sustained central‑bank purchases, expectations for Federal Reserve rate cuts, and renewed U.S.–China trade tensions as key drivers of the rally.
- Jerome Powell’s signal that balance‑sheet reduction could pause, together with rising downside risks to jobs, reinforced demand for haven assets.
- Outlooks turned more bullish: Goldman Sachs sees about $4,900 by end‑2026, HSBC raised its 2025 forecast to $3,455 and points to $5,000 in 2026, and ANZ projects near $4,600 by mid‑2026 before easing.