By Kiran Kowshik, Global FX Strategist & Luca Bindelli, Head of Investment Strategy
CIO Office Viewpoint – 11.09.2025
Key takeaways
- Gold prices have set new records amid a narrative of increasing market risks, including inflationary concerns, rising government debt and slowing US growth
- Investor positioning has also lightened up after May, and increased demand amid still constrained supply should add to upward pressure on prices
- The move could extend towards USD 3,600-3,800 per ounce over the coming months. We raise our 12-month target to 3,900 USD/oz
- Gold retains its diversification properties in multi-asset portfolios, and we keep our allocations at neutral levels versus our strategic benchmark for now.

