Introduction
The gold price is on a record course in 2025, reaching a new all-time high of over 3,400 USD per ounce in May. This development represents an increase of about 100% margin compared to previous years. But what factors contributed to this historical rise?
Central Bank Purchases as Price Drivers
Many central banks worldwide are currently experiencing a purchasing frenzy and are significantly increasing their gold reserves. These intensified purchases contribute significantly to overall demand and push the price of the precious metal upward.
Geopolitical Tensions
Trade conflicts, particularly between the USA and China, as well as other geopolitical uncertainties, have increased the attractiveness of gold as a safe haven. This demand further drives the price up.
Interest Rate Policy Strengthens Precious Metals
With expectations of interest rate cuts by the US Federal Reserve, interest-free precious metals like gold are becoming more attractive. Lower interest rates reduce the opportunity cost of holding gold and thus promote investments in the precious metal.
Impact on Private Investors
For private investors, the current situation is highly relevant. While international demand is increasing, there is a certain reluctance among private investors in Germany despite the strong price increase. However, experts warn of potential risks such as market volatility or supply shortages in futures contracts that could burden the financial system.
In summary, it can be said that the current record high in gold is supported by strong central bank purchases as well as geopolitical and monetary policy factors. For private investors, this development offers both opportunities as inflation protection and crisis hedging, as well as risks due to possible market corrections.