Gold Nears $3,500: What’s Fueling the Surge in 2025?
Gold is now just 3% shy of its $3,500 all-time high—a level few expected at the start of the year. Three words: fundamentals, China, and fear.
ETF demand is back. After a quiet few years, retail and institutional investors are once again treating gold like the last chair in a game of macro musical chairs. With the S&P 500 wobbling and global growth forecasts weakening, it’s not hard to see why.
China’s gold reserves are climbing—officially up 15% since late 2022. And that’s just what’s reported. Analysts suspect Beijing is buying more under the radar, weaning itself off the dollar.
Tariffs and geopolitical tensions aren’t helping either. The April announcement of new US-China trade restrictions added a fresh layer of uncertainty. Plus, the world isn’t exactly feeling stable. That’s when gold starts to shine—not as a growth asset, but as the asset you hold when you don’t know what’s coming next.
Is gold still the ultimate safe haven? Historically, gold tends to rise (or at least fall less) during turbulent times. It’s not magic—just uncorrelated, scarce, and trusted by civilizations old and new.
