The Business Times
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Is gold still shining?

While there are enough catalysts to support the metal’s prices at current levels, a sustained rally from here might prove more challenging

Summarise
    • Since the April peak, gold has been trading mostly sideways within a wide and volatile range of US$3,200 to US$3,400 per ounce, losing a bit of momentum as of late.
    • Since the April peak, gold has been trading mostly sideways within a wide and volatile range of US$3,200 to US$3,400 per ounce, losing a bit of momentum as of late. PHOTO: BT FILE

    Alexandra Symeonidi

    Published Sat, Jul 26, 2025 · 05:00 AM

    SHIFTING macroeconomic conditions and easing geopolitical tensions are reshaping market sentiment and clouding gold’s near-term outlook. After hitting record highs earlier this year, gold prices have begun to retreat, prompting a fresh question for investors: Has the metal’s rally run its course, or is this merely a pause before the next surge?

    Below are eight key questions I address about the current state of the gold market.

    Was the recent high in gold a short-term peak?

    Gold has been one of the top performing assets in 2025, rising 28 per cent year-to-date (as at Jul 24, 2025) amid strong demand from investors and central banks.

    GoldWealth & Investing

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