Gold and Silver Outlook for Rest of 2025

Economic Data Set to Replace Geopolitics as Primary Gold Driver

Gold's ascent toward $3,500/oz this year has been driven by global trade uncertainty, but macroeconomic data are now expected to become the primary catalyst for price movement, according to our observations tracking reaction functions to tariff policy, inflation, and Fed action.

Economic Data Set to Replace Geopolitics as Primary Gold Driver

Contents

1. Bottom Line

2. Where We Are and How We got Here

3. Positioning Remains Light Despite Eastern Buying

4. China Demand and the White Metals Rotation

5. Geopolitical Drivers Tamped Down

6. Outlook: Don’t Underestimate Political Incompetence