World Gold Council: Gold’s Impressive Rally Takes a Breather

SEATTLE (Scrap Monster): The World Gold Council noted that gold’s bullish momentum has softened since the start of Q2 this year. During the entire second quarter this year, the yellow metal’s prices rose only by 5.5%, significantly lower when compared with the 19% surge in prices during the first quarter of 2025.

In recent years, the commodity had experienced a protracted bull run. As of June 30, 2025, the price of gold was US$3,287/oz, more than twice the price of US$1,429/oz in November 2022. Gold prices have retested their highs a record 68 times throughout this time. Strong central bank purchases, rising geopolitical tensions, and increased trade threats were some of the factors that contributed to the price spike.

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According to past patterns, if trade or geopolitical worries subside, the dollar gains strength and yields, or demand for gold investments declines, gold prices are probably going to experience short- to medium-term pressure. However, a sustained drop in gold prices would require a major structural change, said Ray Jia, Research Head-China, World Gold Council.

WGC stated that the only factors that could cause gold to enter a longer-term downward trend are a major reduction in central bank demand, fierce competition from other assets, a sharp drop in consumer preference for gold, or a sharp rise in supply.