Silver Rises Over 120% YTD 
Gold’s traditional market drivers are evolving, with fiscal concerns and geopolitical risks replacing historical factors like US dollar weakness and real yields.
The precious metal has demonstrated remarkable strength, outperforming other major asset classes since late 2022, despite economic conditions that typically favor riskier assets.
Looking ahead to 2025, gold’s outlook remains positive, driven by structural shifts including mounting fiscal deficits, ongoing geopolitical tensions, and sustained central bank purchases amid de-dollarization efforts.
While temporary setbacks may occur due to profit-taking or dollar strength, these factors are unlikely to derail gold’s long-term upward trajectory.
