Why Gold Still Holds Glitter in Markets

Amy Gower, Morgan Stanley's metals and mining commodity strategist, discusses the current state of the gold market on September 10th, 2025. She highlights significant year-to-date gains in gold and silver, driven by factors such as increased central bank buying, strong ETF inflows, and persistent inflation. While acknowledging the potential impact of weakening jewelry demand, Gower predicts a further 5% upside for gold by year-end, reaching a new all-time high. She also anticipates that the upcoming Fed rate cuts will positively impact both gold and silver prices, although she notes that precious metals are not without risk. The analysis includes a comparison of gold and silver performance following past Fed rate cuts and considers the influence of the weakening dollar and improving Indian gold imports.