Gold’s New highs: Separating Gold Strength from Dollar Weakness

Monday, November 3, 2025

Gold has reached record highs in 2024–2025, but what’s driving the rally? Ativo Capital’s latest analysis shows that the rise is largely global in nature, reflecting genuine demand rather than a weaker U.S. dollar. Using a USD-neutral framework and statistical modeling, we find that “gold strength” outweighs “dollar weakness,” supported by factors such as central-bank buying, low real yields, and geopolitical uncertainty—suggesting gold’s momentum may prove more durable than many expect.

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