Gold’s remarkable ascent shows no sign of slowing, with the precious metal now firmly entrenched in what appears to be its most stable bull run in years, according to Pepperstone analyst Ahmad Assiri. Over the past month, gold has surged nearly 15%, showing only shallow pullbacks of less than 2%, a pattern that underscores sustained and broad-based demand from both institutional and retail investors.
Assiri notes that the steady climb highlights gold’s growing role as a strategic hedge in an environment where investors are increasingly uneasy about stretched valuations across U.S. equities. “While such fears may be overstated, the perception alone continues to support gold as an anchor for such anxieties,” he said, suggesting that sentiment-driven flows are reinforcing gold’s upward momentum.
The rally also reflects a shift in investor psychology. After years of favoring high-growth tech stocks and risk assets, many investors are now rebalancing toward tangible stores of value as they anticipate slower global growth, geopolitical tensions, and potential monetary policy shifts. The narrative of a possible tech bubble—whether substantiated or not—has further cemented gold’s appeal as a safe and liquid counterbalance to market volatility.
In addition, central bank buying remains strong, particularly in emerging markets, where policymakers continue to diversify away from the U.S. dollar. This structural demand, coupled with consistent ETF inflows, has helped gold maintain upward pressure even as real yields fluctuate.
As of the latest trade, spot gold rose 0.4% to $4,224.19 per ounce, extending gains for a fourth consecutive session. Analysts say that if current momentum holds, gold could test new record highs in the coming weeks, with dips likely to be met by aggressive buying from both institutional allocators and individual investors seeking safety in an increasingly uncertain macro environment.
