Overview
- Gold traded above $5,500 an ounce on Thursday, extending a record-breaking run that has accelerated in recent sessions.
- A World Gold Council report says 2025 demand exceeded 5,000 tonnes worth $555 billion, up 45% year over year, with central banks lifting gold to more than 20% of their reserves.
- Policymakers continue diversifying reserves toward bullion, while a proposal in Germany to repatriate gold stored in New York drew attention but was dismissed by the government.
- Retail behavior is shifting in Hong Kong as buyers opt for silver viewed as more affordable, with prices around $117.70 an ounce after more than doubling in under four months and dealers selling out within an hour.
- Geopolitical tension and a weaker dollar are reinforcing the move into precious metals, with new U.S. warships deployed to the Middle East and President Donald Trump discussing the possibility of action in Iran.