Taking Stock Of The Gold Rally

Research & Insights Taking Stock of the Gold Rally By David Trinh Hudson Attar Jim Haskel With the third quarter of 2025 in the books, one of the markets receiving considerable attention is the gold market. Gold is up around 50% year-to-date and recently rose above $4,000 an ounce for the first time. In the past several months, we have discussed gold’s role in portfolios , but given gold’s recent performance, we thought this was a good time to step back and discuss the drivers of the move and think through the potential implications of a repricing of gold relative to fiat currencies. The gold rally has also raised some important questions: Could we be looking at an international monetary reset, or is that overblown? Is gold on its way to becoming the world reserve currency, replacing the US dollar? And where is gold headed from here? To explore these questions and more, Daily Observations editor Jim Haskel recently sat down with Managing Deputy Chief Investment Officer David Trinh and Head of Contra-Currencies Hudson Attar.