Gold shines again – this time as a geopolitical anchor

The price of gold has reached remarkable highs in recent months, surprising many investors. The price increase was particularly unusual in light of the persistently high level of interest rates in the USA. After all, the price of gold typically falls when interest rates rise, as gold itself does not generate any current income. However, the current market phase follows a different pattern: Despite high real interest rates, the price of gold is rising steadily, demonstrating a fundamental change in investor perception.

The unusual decoupling from real interest rates is primarily due to the ongoing geopolitical uncertainty and the resulting unprecedented gold purchases by central banks. Is a new regime developing in which historical patterns no longer apply?