Gold prices may remain supported through the rest of 2025, according to Lombard Odier. The precious metal has hit record highs on the back of rising market risks, including inflation concerns, mounting government debt, and slowing U.S. growth, say FX strategist Kiran Kowshik and Head of Investment Strategy Luca Bindelli.

They note that a reduction in speculative positions since April, combined with robust demand and still-constrained supply, should keep upward pressure on prices. Exchange-traded fund flows, particularly in Asia, remain a key swing factor, and signs of renewed momentum could drive further gains.

Lombard Odier has raised its 12-month gold price target to $3,900/oz, while spot gold is currently trading at $3,637.28/oz, down 0.1%.