Gold broke through $3,000 an ounce on Wednesday morning, taking out a level that had served as resistance for most of the previous quarter. The print was confirmed across futures and physical markets within minutes.
The drivers are not new but they keep stacking. Geopolitical risk premium is back, central-bank buyers in Asia and the Gulf have not slowed, and a softer dollar is doing what a softer dollar does for hard assets denominated in it.
The retail picture is also worth noting. Coin and bar premia are wider than they have been in years, suggesting physical demand is broad rather than concentrated. Gold ETFs continue to see steady inflows, and several institutional allocators have lifted target weights.
Analysts are already revising. Year-end calls of $3,200–$3,500 that looked aspirational a quarter ago are now consensus. The bull case from here is well known. The bear case is harder to find.
