Gold will be king as long as there’s turmoil
On a rolling twelve-month basis, gold has surged nearly 37% to just shy of Friday's fresh lifetime record of $3,100 per troy ounce. It is extremely rare for any asset, including the hottest of stocks, to hit successive lifetime highs every third trading session. Gold has achieved that astonishing feat in 2025, building on the 30% plus gains last calendar year, as central banks and capital-protection funds continue to buy into the yellow metal.
As rapidly springing tariff walls around the planet's biggest trading blocs dent global growth prospects, gold is expected to build further on a mammoth rally that has seen its value double in just about 30 months. For an asset perceived as a mere passive inflation hedge, undiminished institutional appetite is expected to cement gold's millennium-old credentials as the safest store of value in times of extreme crises.
«A fresh bout of instability has gripped markets amid mounting worries over the impact of US President Donald Trump's tariffs, with another wave due to be announced on April 2,» Nirmal Bang said in a report on precious metals. «Gold has climbed 15% this year...extending last year's strong gains as investors seek safety. Geopolitical conflicts...have also bolstered the metal's appeal.»
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Net purchases by ETFs so far this year climbed the equivalent of 128 tons. Globally, ETF ownership of gold is expanding rapidly, marking a departure from the pre-Covid caution, to the equivalent of about 2,710 tons by March. Central banks, which collectively have
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