Gold: 30 years of cycles, the drivers behind the 2024–2025 surge, and an evidence-based forecast

Gold has never been more captivating—or more volatile. After three decades of cyclical surges and deep corrections, the precious metal has shattered all-time highs above $4,000 per ounce in 2025. Yet behind the headlines lies a deeper story: a market now driven by global liquidity, central-bank accumulation, and the invisible pull of real interest rates. By tracing gold’s 30-year journey from a safe-haven relic to a hyper-financialized global asset, this report uncovers the repeating patterns that could shape its next act—and offers a data-based look at where prices may go next.