In recent months, the gold price has risen sharply, attributed to various factors. However, analysts are becoming increasingly skeptical about whether the gold price has already reached its peak, despite ongoing global uncertainties and conflicts.
Gold Price Development 2025
- January 2025: The gold price started the year at around 81.484 Euro/gram and rose within a few days to 83.233 Euro/gram.
- April 2025: The gold price began the month at about 2,889.85 €/oz and experienced a correction down to 2,721.30 €/oz. It then recovered and reached a monthly high of 2,975.42 €/oz on April 22, the highest level of 2025.
- May 2025: The average gold price per ounce was around 3,281 US dollars.
- June 2025: The gold price fluctuated between about 2,901.75 €/oz and 2,967.37 €/oz.
Factors for Gold Price Development
- Global Uncertainties: Conflicts and geopolitical tensions can drive up the gold price as gold is often seen as a safe investment.
- Currency Developments: The exchange rate between the Euro and the US dollar affects the gold price. A stronger dollar can put downward pressure on the gold price in euros.
- Interest Rate Cuts: Interest rate cuts by central banks, such as the European Central Bank (ECB), can drive up the gold price as they reduce the attractiveness of interest-bearing investments.
Analyst Opinions
Analysts are skeptical about whether the gold price has already reached its peak. Some reasons for this skepticism include:
- Seasonality: The seasonality of the gold market is unfavorable until the end of June, indicating a sideways consolidating price development.
- Technical Analysis: From a technical perspective, a scenario of further sideways consolidating prices is favored.
- Global Uncertainties: Despite ongoing global uncertainties and conflicts, the gold price could already be overvalued.
For private investors and savers, it is important to keep an eye on these developments to make informed decisions.