Gold Continues to Scale New Highs Without Opposition

Gold continues to look attractive even after its surge — as the Federal Reserve eases policy, the dollar weakens, ETFs expand, and central banks are still buying. Gains are expected this week, as the bears remain quiet for longer.

When an asset is in a record-breaking rally like gold in 2025, there are usually skeptics claiming that things will eventually fall apart. But when it comes to gold right now, such contrarian voices are barely heard. Are there even any bears? If so, they’re staying very quiet.

“Markets Live Scroll” — a space for people who spend much of their time searching for cracks in the consensus and raising red flags — has in recent weeks largely joined the pro-gold camp. The same goes for the broader market. Being bearish on gold this year essentially just means believing the rally might take a short pause.

With that in mind, this week could prove interesting due to the upcoming FOMC meeting. While investors have had plenty of time to price in a near-certain 25-basis-point cut, there’s still a reasonable chance of a move twice that size — especially if the Federal Reserve wants to demonstrate its willingness to get ahead of the curve.

If the Fed surprises with a dovish tilt — opting for a quarter-point cut while showing internal disagreement leaning toward more aggressive easing — that would weigh on the dollar. In such a scenario, gold would look even more attractive, especially if Bloomberg’s dollar index breaks below its July level and approaches its weakest point since early 2022.