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The financial landscape in November 2025 presents a complex picture, with US stocks recently rebounding on the easing of government shutdown fears, yet facing significant macroeconomic and valuation challenges. Meanwhile, the FTSE100 continues its strong run, and the DAX40 is stalled amid valuation concerns.

The index market presents a complex picture in August 2025. A few major U.S. indices, driven by large tech companies, reached new highs, while others struggled. The Federal Reserve is facing pressure to cut interest rates, but the economic situation is complicated by a loosening labor market and rising inflation. European markets show mixed results. Despite warnings about stretched valuations and slowing earnings, investor optimism is high.

The gold market experienced an explosive rally in the lead-up to the October 2025 report. This surge occurred despite relative monetary stability and low asset market volatility, positioning the metal in technically over-bought territory. However, key macro trends, including falling real rates and elevated economic uncertainty, continue to provide strong support. This report analyzes gold's valuation, positioning, and the macro drivers influencing the market's trajectory.

The index market presents a complex picture in September 2025, with a few major US indices inching higher over the past month, with strength observed in the Dow Jones Industrial Average and Russell 2000 indices.

In early September 2025, gold prices surged to a new all-time high, reaching an intra-day peak of USD 3,578/oz. This rally, which began in the second half of August, saw gold's price strengthen by 42.8% year-over-year (YoY). What makes this rally particularly notable is that it occurred despite a steady U.S. dollar and stable asset market volatility, factors that typically don't coincide with strong precious metals performance.

The index market presents a complex picture in August 2025. A few major U.S. indices, driven by large tech companies, reached new highs, while others struggled. The Federal Reserve is facing pressure to cut interest rates, but the economic situation is complicated by a loosening labor market and rising inflation. European markets show mixed results. Despite warnings about stretched valuations and slowing earnings, investor optimism is high.

The gold market has been a hot topic for investors, and the August 2025 report from OANDA provides a detailed look at the factors shaping its performance. Despite a period of economic uncertainty, gold has maintained its value, trading in a broad range between $3,275 and $3,440 per ounce. But what's behind this resilience, and what can investors expect in the coming months?

In July 2025, major equity indexes continue their upward trend, with US markets reaching new highs, with European markets also seeing significant climbs. This surge in optimism is largely attributed to robust corporate earnings and excitement surrounding artificial intelligence (AI).

After reaching an all-time high of USD 3,500/oz on April 22nd, gold has consolidated within a broad range of USD 3,120-3,450/oz. This stabilisation coincides with a decline in economic policy uncertainty, a rebound in asset markets, and reduced asset market volatility. While gold has shown resilience against the US dollar, appreciating by 27.3% year-to-date (41.8% year-over-year), its performance against a basket of other currencies, such as the EUR (-4%), GBP (-1.8%), and CAD (-1.8%), has been weaker. This suggests that gold remains well-positioned to resume its uptrend should risk appetite weaken.