Gold is shining brighter than ever. After delivering a 27% gain in 2024, it has carried its momentum into 2025, climbing higher each week and setting new records. This powerful rally leaves investors wondering how much upside remains for bullion.

From sky-high tariffs to bunker-busting bombs, the second quarter of 2025 built a new wall of worries. By the book, investors should have adopted a risk-off stance. Yet global equities moved towards record highs while the dollar tumbled to its lowest level in three years, another reminder that trading on headlines is rarely a profitable strategy.

Nowadays, governments are increasingly shaping markets, introducing an era of fiscal dominance. Gone are the days of aggressive central bank activism from the early 2000s, when institutions like the Fed and the ECB worked on stabilising the economy through quantitative easing, forward guidance, and rapid rate cuts. These actions were largely technocratic and independent of elected governments.