With a light week for economic data, tariff developments returned to the forefront last week. Although the tariff pause was extended, new levies, some higher than initial rates, have raised concerns.
Global equities ended the week mixed, with major U.S. indexes closing lower alongside declines in Japan and India, while European and Chinese stocks posted gains. Treasury yields rose, the US dollar strengthened, and oil prices edged higher.
Gold ended the week strongly on spiking trade risks, although it could continue to underperform other precious metals – which have started to play catch-up after years of investor neglect. While there is structural support, growth headwinds could temper the industrial case for these precious alternatives
Chart of the week - Not just gold that glitters
Precious metals index based on equal weighted returns for spot silver, platinum and palladium (XAG, XPT and XPD), rebased to 2624 on 31 December 2024. Source: Bloomberg, World Gold Council
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Last week, economic reports were mixed. In the U.S., stronger retail sales and robust corporate earnings met higher CPI inflation. The euro area saw a rise in industrial output, while China’s Q2 growth was stronger. Inflation eased in Japan and India, but the UK faced rising price pressures.
Major global stock indexes closed mostly flat or with modest weekly gains. U.S. Treasury yields eased, the US dollar strengthened, and oil prices retreated.
Gold extends its consolidation but the range continues to look mature, and we may be close to this being resolved higher for the completion of a “triangle” continuation pattern (p6). Tariff impacts are slowly appearing in inflation data and investors are starting to price this in further down the curve (COTW).
Chart of the week - Clean Break
Data from 27 June 2022 to 18 July 2025. Source: Bloomberg, World Gold Council
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Last week, trade deals between the US and several countries dominated headlines, boosting optimism. Meanwhile, the ECB held rates steady, and US corporates earning for Q2 continued to surpass expectations.
Major global equities rallied on trade optimism with US markets further supported by strong corporate earnings. The 10-year US Treasury yield eased, the dollar weakened, and oil declined.
Gold has reversed its gains from early in the week and returned to the sideways range that has dominated since late April (appendix).
Equity euphoria looks like it is back, with MEME stocks soaring as implied volatility retrenches (COTW). Main equity index pullback risks on the rise.
Chart of the week - YOLO is back
Data from 1 Jan 2025 to 28 July 2025. Meme stocks captured by UBS Meme stocks index, which tracks the performance of 15 US listed stocks that gained popularity via online networks and social media platforms. YOLO refers loosely to highly speculative investment. Source: Bloomberg, World Gold Council
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, are joined by Ken Rogoff, Professor of Economics at Harvard University and former Chief Economist of the IMF.
Together, they explore the shifting dynamics of the global monetary system, the arc of US dollar dominance, and the growing interest in potential alternative reserve currencies, from the euro and yuan to gold and digital currencies. Rogoff shares insights from his latest book Our Dollar, Your Problem, reflecting on the role of luck in the dollar’s ascent, the risks posed by US debt and political dysfunction, and what the next decade could hold for global reserves, inflation, and financial stability.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Trade deals and tariffs, coupled with weak US labour market data, dominated sentiment last week, while both the Fed and Bank of Japan held rates steady as they monitor the impact of tariffs on prices.
Global equities ended the week lower, weighed down by weak economic data and renewed trade policy tensions. 10-year US Treasury yields declined, the US dollar strengthened, and oil prices fell.
Gold continues to hold key support amid US Job market weakness and intensifying expectations of future rate cuts (p6 & appendix). Gold’s jump and risk assets’ drop post labour market data and the dismissal of the BLS chief, reflected how policy risk refuses to hibernate and gold is doing its job for portfolios.
Our newly released Q2 Gold Demand Trends showed that investment drove growth in global gold demand during the quarter. In addition, we laid out the case for continued strength in the sector and prospects for other sources of demand and supply.
Chart of the week - Investors still flocking to gold
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
The International Monetary System and the Canary in the Goldmine1
Over history, the world has adopted the currency of the leading country for global payments. The USD is, arguably, the first global currency untethered from precious metals.
For millennia, gold, and to a lesser extent silver, underpinned the value of money—at first directly through the stamping of gold coins, then indirectly with fiat currency “collateralized” by government gold holdings through guaranteed convertibility at a fixed rate. And, throughout history, the dominant international currency has tended also to be the domestic currency of the strongest economic and geopolitical power, which had the military force and the wherewithal to provide “global public goods” – freedom of navigation, enforcement of contracts and rules of international commerce, finance and relations between states; wealth to support its currency as a store of value; and extensive global trade links underpinning the use of its currency as a means of payment.
Chart 1: Rise and Fall of Global Currencies over History
The leading country typically had also a technological edge, supporting both military and economic leadership, which was often deployed to protect commercial, financial and geopolitical stability. The leading power thus offered what is known as “hegemonic stability” and generally presided over periods of peace—such as Pax Romana, Pax Brittanica and, following WWII, Pax Americana.
Despite external challengers and internal debt dynamics, the USD still dominates global capital markets investments and cross-border payments
The recent backlash against the USD has arisen more for geo-political rather than economic reasons. The size and complexity of US capital markets towers over other countries with high levels of both public and private investment in USD financial assets. And, while the US share of global trade has declined, the USD still represents about half of all cross-border payments facilitated by SWIFT.
Chart 2: The US dominates global capital markets, with the divergence rising until most recently
Source: MSCI, Refinitiv, Invesco, monthly data as at 31 May 2025.
Chart 3: USD represents about half of all cross-border payments facilitated by SWIFT
Source: Society for Worldwide Interbank Financial Telecommunication, Macrobond, Invesco. Monthly data as at 07 June 2025.
The attempts to unseat the USD have been more political or opportunistic than economic in nature and no alternative to the USD yet exists. Russia responded to the suite of sanctions by not only seeking to diversify into other currencies including monetary gold but also by advocating for an alternative BRICS' currency. As this has floundered, China and other countries have continued to diversify reserves into gold as a protective measure. The ECB has taken a different approach, seeing in the recent decline of the USD an opportunity for the Euro’s role as a global currency to strengthen but faces strong headwinds.2
Supplanting the role of the USD is not imminent as the Chinese government does not necessarily want to cede control over its currencies and European national governments do not have political support to cede further control to the EC. While China is successfully ramping up the use of its currency for bi-lateral trade settlement, the use of the RMB as a global currency would entail freedom of capital flows and the running of balance of payments deficits, neither desired by the government. Europe has no such restrictions on capital flows but suffers from a fragmentation of financial markets and fiscal authority. And, while the ECB expects to launch a central bank digital currency (CBDC) in the near future, this is more likely initially to be used in intra-European trade than between two third-party countries. Finally, the BRICS currency initiative collapsed due to lack of consensus and support amongst its members.
US tensions from both external and internal forces have thus been diverted to the gold market as reflected in its unprecedented rise in price since the USD was delinked from gold
The USD was, arguably, the first global currency untethered from a precious metal and held solely on the basis of trust in the issuing country. Trust in the USD was first tested in 1971, when President Nixon severed the convertibility of the USD to gold in the face of a level of foreign claims that exceeded the domestic gold stock. From 1971 to 1973, the gold price increased from $40/oz in 1971 to $108/oz as the price adjusted to underlying demand and supply variables. Since, the USD regained and until now, has retained the world’s trust based on the “full faith and credit” of the US, despite intermittent challenges and corrective actions.
Chart 4: The gold price has acted as a barometer of stress emanating from the US
The gold price run-up since 2022, however, may be signaling a pivot in the existing international monetary system and the start of a transition, albeit gradual, from a US-centric to a more multi-polar system. The recent price rise coincided with the Russia invasion of Ukraine and subsequent severing of a large part of Russia’s access to its USD and EUR foreign currency reserves, as well as to the western led financial system, including the SWIFT global payments system. Subsequently, the new Trump Administration reversed the US government’s traditional support for a free global trading system, multi-lateralism and a strong dollar, weakening the currency and contributing to demand for gold. Finally, the Administration has shown ambivalence to the US traditional role as “keeper of the peace”. These actions have spurred both central bank purchases of gold to diversify foreign currency reserves and private investor interest to protect against the risk of tariffs and, potentially, stagflation.
Chart 5: Emerging market central banks have sought to diversify USD foreign currency reserves by increasing purchases of gold
Source: ICE Benchmark Administration, IMF, respective central banks, World Gold Council
Private investment demand for gold has also increased, partly due to concerns that a global increase in tariff barriers could lead to “stagflation”-- an economic scenario in which gold vastly outperformed other financial asset classes over the past half-century. Demand for gold Exchange Traded Funds (ETFs) spiked following Trump’s “Liberation Day” announcement on April 6th and has remained largely sustained throughout July, with a net outflow in May coinciding with the announcement of a China-US “entente”, which has yet to come to fruition in concrete terms.
Chart 6: Net investment in gold ETFs spiked following the “Liberation Day” tariff announcements
The price of gold is likely to continue to be supported by geo-political concerns over the USD and the Trump Administration’s policies
The recent run-up in the price of gold has coincided with deteriorating trust in the US due to its deployment of sanctions and, more recently, access to markets to further domestic policy objectives. As part of the Administration’s policy of “America First”, the Administration is also walking away from its commitments under various international treaties created in large part by the US in the post WWII period. Despite the Administration’s erratic modulation of its more extreme statements, trust has been eroded simply by a lack of policy predictability.
At the same time, there is no credible challenger or contender who is able to provide the world with a currency with the depth and quality of markets to replace the USD. The recent run-up in the price of gold is likely signaling the start of a transition from a hegemonic to a more multi-polar system but a transition that is likely to occur only gradually and in stages. While the size of the US economy exceeded that of Great Britain in the late 19th century, the USD only emerged as the world’s preeminent currency fifty years later. During this transition and period of uncertainty, the demand for gold is likely to remain buoyant as it reassumes its historic role as a safe store of value and nobody’s liability.
Footnotes
1This post is an abbreviated summary of Arnab Das and Jennifer Johnson-Calari, “The Canary in the Goldmine: What the Price of Gold Reveals about the Role of the USD and the International Monetary System, Institute of International Affairs, Rome, July 2025. See https://www.iai.it/en/pubblicazioni/c03/canary-gold-mine
2Christine LaGarde, “This is Europe’s Global Euro Moment”, Financial Times, June 16, 2025.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
In this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, unpack the latest macro trends and data influencing the gold market – from shifting investor sentiment and mixed US economic data, to renewed tariff tensions and policy unpredictability.
Drawing on insights from the World Gold Council’s Q2 2025 Gold Demand Trends report, they explore how political risk, inflation concerns and a surprise revision in US payroll data are fuelling investor interest in gold.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Last week saw new tariffs announced and higher tariffs take effect. Central banks in the UK and India made cautious, diverging policy moves. US economic data showed signs of weakness, while strong corporate earnings lifted investor sentiment.
Major global equities rose, driven by strong corporate earnings in the US, Europe, and Japan, while Chinese markets gained on solid trade data. US Treasury yields climbed, the dollar softened, and oil edged lower.
Gold above the US$3,351/oz high would be seen to mark the completion of a “triangle” continuation pattern for a resumption of the core uptrend (p6 & appendix).
Last week, the spread between COMEX gold futures and London spot hit a record high. This surge followed new US tariffs (39%) on Swiss exports without clear exemptions for gold bars (1kg and 100oz) – Switzerland is the largest gold refining hub globally. But the surging spread may shrink as the White House plans to clarify the tariff rules for Swiss gold bars.
Chart of the week - Gold future’s spread rockets
*Based on the weekly average COMEX General 1st gold contract and the LBMA Gold Price PM. As of 8 August 2025. Source: ICE Benchmark Administration, World Gold Council
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Weekly Markets Monitor: Precious times
Weekly Markets Monitor
Highlights
Chart of the week - Not just gold that glitters
Precious metals index based on equal weighted returns for spot silver, platinum and palladium (XAG, XPT and XPD), rebased to 2624 on 31 December 2024. Source: Bloomberg, World Gold Council
Disclaimer
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© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Weekly Markets Monitor: Strengthening the Core
Weekly Markets Monitor
Highlights
Chart of the week - Clean Break
Data from 27 June 2022 to 18 July 2025. Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Weekly Markets Monitor: Art of the Deal
Weekly Markets Monitor
Highlights
Chart of the week - YOLO is back
Data from 1 Jan 2025 to 28 July 2025. Meme stocks captured by UBS Meme stocks index, which tracks the performance of 15 US listed stocks that gained popularity via online networks and social media platforms. YOLO refers loosely to highly speculative investment.
Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Unearthed: The Future of the US Dollar ft. Kenneth Rogoff, Economist and Professor of Economics, Harvard University
Unearthed Podcast
World Gold CouncilIn this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, are joined by Ken Rogoff, Professor of Economics at Harvard University and former Chief Economist of the IMF.
Together, they explore the shifting dynamics of the global monetary system, the arc of US dollar dominance, and the growing interest in potential alternative reserve currencies, from the euro and yuan to gold and digital currencies. Rogoff shares insights from his latest book Our Dollar, Your Problem, reflecting on the role of luck in the dollar’s ascent, the risks posed by US debt and political dysfunction, and what the next decade could hold for global reserves, inflation, and financial stability.
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Weekly Markets Monitor: Policy bear not hibernating
Weekly Markets Monitor
Chart of the week - Investors still flocking to gold
Source: Metals Focus, World Gold Council
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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The International Monetary System and the Canary in the Goldmine
Jennifer Johnson-Calari
JJC AdvisoryThe International Monetary System and the Canary in the Goldmine1
Over history, the world has adopted the currency of the leading country for global payments. The USD is, arguably, the first global currency untethered from precious metals.
For millennia, gold, and to a lesser extent silver, underpinned the value of money—at first directly through the stamping of gold coins, then indirectly with fiat currency “collateralized” by government gold holdings through guaranteed convertibility at a fixed rate. And, throughout history, the dominant international currency has tended also to be the domestic currency of the strongest economic and geopolitical power, which had the military force and the wherewithal to provide “global public goods” – freedom of navigation, enforcement of contracts and rules of international commerce, finance and relations between states; wealth to support its currency as a store of value; and extensive global trade links underpinning the use of its currency as a means of payment.
Chart 1: Rise and Fall of Global Currencies over History
The leading country typically had also a technological edge, supporting both military and economic leadership, which was often deployed to protect commercial, financial and geopolitical stability. The leading power thus offered what is known as “hegemonic stability” and generally presided over periods of peace—such as Pax Romana, Pax Brittanica and, following WWII, Pax Americana.
Despite external challengers and internal debt dynamics, the USD still dominates global capital markets investments and cross-border payments
The recent backlash against the USD has arisen more for geo-political rather than economic reasons. The size and complexity of US capital markets towers over other countries with high levels of both public and private investment in USD financial assets. And, while the US share of global trade has declined, the USD still represents about half of all cross-border payments facilitated by SWIFT.
Chart 2: The US dominates global capital markets, with the divergence rising until most recently
Source: MSCI, Refinitiv, Invesco, monthly data as at 31 May 2025.
Chart 3: USD represents about half of all cross-border payments facilitated by SWIFT
Source: Society for Worldwide Interbank Financial Telecommunication, Macrobond, Invesco. Monthly data as at 07 June 2025.
The attempts to unseat the USD have been more political or opportunistic than economic in nature and no alternative to the USD yet exists. Russia responded to the suite of sanctions by not only seeking to diversify into other currencies including monetary gold but also by advocating for an alternative BRICS' currency. As this has floundered, China and other countries have continued to diversify reserves into gold as a protective measure. The ECB has taken a different approach, seeing in the recent decline of the USD an opportunity for the Euro’s role as a global currency to strengthen but faces strong headwinds.2
Supplanting the role of the USD is not imminent as the Chinese government does not necessarily want to cede control over its currencies and European national governments do not have political support to cede further control to the EC. While China is successfully ramping up the use of its currency for bi-lateral trade settlement, the use of the RMB as a global currency would entail freedom of capital flows and the running of balance of payments deficits, neither desired by the government. Europe has no such restrictions on capital flows but suffers from a fragmentation of financial markets and fiscal authority. And, while the ECB expects to launch a central bank digital currency (CBDC) in the near future, this is more likely initially to be used in intra-European trade than between two third-party countries. Finally, the BRICS currency initiative collapsed due to lack of consensus and support amongst its members.
US tensions from both external and internal forces have thus been diverted to the gold market as reflected in its unprecedented rise in price since the USD was delinked from gold
The USD was, arguably, the first global currency untethered from a precious metal and held solely on the basis of trust in the issuing country. Trust in the USD was first tested in 1971, when President Nixon severed the convertibility of the USD to gold in the face of a level of foreign claims that exceeded the domestic gold stock. From 1971 to 1973, the gold price increased from $40/oz in 1971 to $108/oz as the price adjusted to underlying demand and supply variables. Since, the USD regained and until now, has retained the world’s trust based on the “full faith and credit” of the US, despite intermittent challenges and corrective actions.
Chart 4: The gold price has acted as a barometer of stress emanating from the US
The gold price run-up since 2022, however, may be signaling a pivot in the existing international monetary system and the start of a transition, albeit gradual, from a US-centric to a more multi-polar system. The recent price rise coincided with the Russia invasion of Ukraine and subsequent severing of a large part of Russia’s access to its USD and EUR foreign currency reserves, as well as to the western led financial system, including the SWIFT global payments system. Subsequently, the new Trump Administration reversed the US government’s traditional support for a free global trading system, multi-lateralism and a strong dollar, weakening the currency and contributing to demand for gold. Finally, the Administration has shown ambivalence to the US traditional role as “keeper of the peace”. These actions have spurred both central bank purchases of gold to diversify foreign currency reserves and private investor interest to protect against the risk of tariffs and, potentially, stagflation.
Chart 5: Emerging market central banks have sought to diversify USD foreign currency reserves by increasing purchases of gold
Source: ICE Benchmark Administration, IMF, respective central banks, World Gold Council
Private investment demand for gold has also increased, partly due to concerns that a global increase in tariff barriers could lead to “stagflation”-- an economic scenario in which gold vastly outperformed other financial asset classes over the past half-century. Demand for gold Exchange Traded Funds (ETFs) spiked following Trump’s “Liberation Day” announcement on April 6th and has remained largely sustained throughout July, with a net outflow in May coinciding with the announcement of a China-US “entente”, which has yet to come to fruition in concrete terms.
Chart 6: Net investment in gold ETFs spiked following the “Liberation Day” tariff announcements
The price of gold is likely to continue to be supported by geo-political concerns over the USD and the Trump Administration’s policies
The recent run-up in the price of gold has coincided with deteriorating trust in the US due to its deployment of sanctions and, more recently, access to markets to further domestic policy objectives. As part of the Administration’s policy of “America First”, the Administration is also walking away from its commitments under various international treaties created in large part by the US in the post WWII period. Despite the Administration’s erratic modulation of its more extreme statements, trust has been eroded simply by a lack of policy predictability.
At the same time, there is no credible challenger or contender who is able to provide the world with a currency with the depth and quality of markets to replace the USD. The recent run-up in the price of gold is likely signaling the start of a transition from a hegemonic to a more multi-polar system but a transition that is likely to occur only gradually and in stages. While the size of the US economy exceeded that of Great Britain in the late 19th century, the USD only emerged as the world’s preeminent currency fifty years later. During this transition and period of uncertainty, the demand for gold is likely to remain buoyant as it reassumes its historic role as a safe store of value and nobody’s liability.
Footnotes
1This post is an abbreviated summary of Arnab Das and Jennifer Johnson-Calari, “The Canary in the Goldmine: What the Price of Gold Reveals about the Role of the USD and the International Monetary System, Institute of International Affairs, Rome, July 2025. See https://www.iai.it/en/pubblicazioni/c03/canary-gold-mine
2Christine LaGarde, “This is Europe’s Global Euro Moment”, Financial Times, June 16, 2025.
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Unearthed: From Payrolls to Policy – What’s Driving Gold Demand?
Unearthed Podcast
World Gold CouncilIn this episode of Unearthed, hosts John Reade and Joseph Cavatoni, Senior Market Strategists at the World Gold Council, unpack the latest macro trends and data influencing the gold market – from shifting investor sentiment and mixed US economic data, to renewed tariff tensions and policy unpredictability.
Drawing on insights from the World Gold Council’s Q2 2025 Gold Demand Trends report, they explore how political risk, inflation concerns and a surprise revision in US payroll data are fuelling investor interest in gold.
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Weekly Markets Monitor: Gold in the crosshairs
Weekly Markets Monitor
Highlights
Chart of the week - Gold future’s spread rockets
*Based on the weekly average COMEX General 1st gold contract and the LBMA Gold Price PM. As of 8 August 2025.
Source: ICE Benchmark Administration, World Gold Council
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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