Gold as an anchor of stability - tailwind from real interest rates, geopolitics and central bank purchases

Gold remains in a constructive environment. Falling real interest rates due to the expected further Fed cuts are reducing opportunity costs and supporting the precious metal. At the same time, geopolitical risk remains elevated, which once again positions gold as a defensive protective anchor in the portfolio. On the demand side, strong central bank buying continues to dominate, while ETF inflows have stabilized since mid-2025 and signal a cyclical demand comeback. Supply is only growing moderately as few new mines are being created and costs for producers are rising. Investor positioning is not yet stretched, leaving additional scope for capital inflows.

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

_{Sources: Degussa, Reuters and Financial Times.
As of: 24.11.2025}