World Gold Council – Gold Mid-Year Outlook, 2025

The main theme of the report is the analysis of gold price dynamics in the first half of 2025 and forecasts for the second half of the year.

Gold showed a significant increase of 26% in the first half of 2025 in dollar terms. The main growth factors were a weak US dollar, stable interest rates, and uncertain geoeconomic conditions, leading to high investment demand. Forecasts for the second half of 2025 range from a possible growth of 0%-5% to an increase of 10%-15% in case of worsening economic and financial conditions. In case of resolution of geopolitical conflicts, gold may lose 12%-17% from the levels reached this year.