2025-07-14
July 2025 Gold Market Overview: Central Banks Drive Demand Amidst Dollar Weakness
After reaching an all-time high of USD 3,500/oz on April 22nd, gold has consolidated within a broad range of USD 3,120-3,450/oz. This stabilisation coincides with a decline in economic policy uncertainty, a rebound in asset markets, and reduced asset market volatility. While gold has shown resilience against the US dollar, appreciating by 27.3% year-to-date (41.8% year-over-year), its performance against a basket of other currencies, such as the EUR (-4%), GBP (-1.8%), and CAD (-1.8%), has been weaker. This suggests that gold remains well-positioned to resume its uptrend should risk appetite weaken.