Gold has reached record highs in 2025, but what’s fuelling the rally? In this episode of The Commodity Exchange, host Nitesh Shah speaks with James Steel, Chief Precious Metals Analyst at HSBC, to break down the key drivers behind gold’s latest surge. From central bank demand to shifting geopolitical risks, they explore why investors are turning to gold despite rising bond yields and a strong U.S. dollar. Tune in for expert insights on gold price trends, silver’s potential breakout, and what lies ahead for precious metals markets.

You can follow our panellists on Twitter at:

Nitesh: https://twitter.com/NiteshShahWT

Mobeen: https://twitter.com/MobeenTahirWT

For EU Investors Only:

Learn more about commodities: https://www.wisdomtree.eu/en-gb/strategies/commodities-hub