Gold has surged 30% in 2025, outperforming traditional safe havens like the Japanese yen, Swiss franc, and U.S. Treasurys. The key reason? Investors are increasingly drawn to gold’s independence from government liabilities, especially amid rising geopolitical tensions and fiscal uncertainty.
Experts at the Asia Pacific Precious Metals Conference emphasized that while currencies and bonds are tied to national economies, gold is “no one else’s liability.” With the U.S. dollar weakening and Treasury yields falling, gold has become the go-to refuge.
Spot gold is trading around $3,403, after peaking above $3,500 in April.
The dollar index is down nearly 10% this year.
The yen and Swiss franc have gained 8–10%, but gold’s performance is still trailing.
This shift signals a broader rethink of what “safe haven” really means in today’s volatile world.
(source CNBC)
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