Gold: safe haven & geopolitical risks

Despite slight price corrections, gold remains in demand - primarily because global uncertainties such as trade disputes, geopolitical tensions and US tariffs continue to lead to uncertainty and volatility.  These factors provide stable support for the gold price in the current environment.

Central banks are continuing to build up their gold reserves: According to the World Gold Council, around 95% of institutions are planning new purchases; Beijing, for example, has been buying gold for seven months. This systematic demand has a stabilizing and supportive effect in the long term.

Relatively high interest rates in America are limiting the short-term gold rally. The US Federal Reserve is not signaling a rapid turnaround in interest rates, which means that no support for the higher gold price can be seen from this side. Short-term technical signals point to a consolidation phase: The price is currently hovering between around USD 3,300 and USD 3,375.

Conclusion: Neutral, gold remains a valid strategic portfolio component in the current macroeconomic environment. The mix of geopolitical uncertainty, central bank demand and inflation hedging provides a solid basis for defensive positioning - as long as interest rate and dollar risks are closely monitored.

Mimi Haas, Lic. rer. pol. HSG, M.A. in Banking and Finance HSG, Partner

_{Sources: Degussa, Reuters and Financial Times.
As of: 07.07.2025}