Gold’s Record Rally: Drivers, Risks and Market Dynamics

by Nato Balavadze

In this paper, we discuss:

• The macroeconomic and geopolitical factors driving gold’s record surge;
• The role of Fed’s policy and perceived independence;
• The parallel surge in the price of Bitcoin, considered by some “electronic gold”; and
• The likely limits of the ongoing rally.

Download PDF: Gold October 2025