This report analyzes the recent surge in gold prices in early 2025, the factors driving this increase (geopolitical tensions, economic uncertainty, inflation, central bank buying), and provides an outlook for the rest of the year. While concerns about a price crash exist, the prevailing expert sentiment suggests continued modest gains, as Kotak Securities predicts, or even new record highs, according to institutions like Goldman Sachs and Citi Research. The report also examines historical gold price movements and crashes, as well as the dynamics of gold supply and demand, concluding that a significant crash is unlikely in the near term. The current gold market is characterized by record-high prices and strong investor interest.