World Gold Council – You Asked, We Answered

The document analyzes the recent rise in gold prices reaching the $4,000 per ounce mark and considers whether this is a continuation of a trend or the beginning of a reversal.

Gold reached a new all-time high of $4,000 per ounce on October 8, 2025. The price increase is driven by high investment demand amid geopolitical tensions, a weakening dollar, expectations of US Federal Reserve rate cuts, and risks in stock and bond markets. Physically-backed gold ETFs have increased their holdings by 634 tonnes since the beginning of the year, but the current accumulation phase appears initial compared to previous historical periods. Gold ownership does not seem saturated, but the rapid price increase may heighten short-term risks.