Thanks to the rise in gold, the Central Bank earned 668 million USD in 2025.

The price of gold has registered a significant rise this Thursday, driven by the depreciation of the U.S. dollar and growing concerns over the tensions arising from the tariff plans to win the trade war with China by the President of the United States, Donald Trump.

While investors await new data on inflation in the North American country, spot gold was at USD 2,940 per ounce, near its all-time high of USD 2,942.70 reached on Tuesday. So far in 2025, the precious metal has recorded a 12.8% increase and 46% over the last twelve months.

Factors driving the rise of gold

• Trump's tariff policy: The president announced the implementation of reciprocal tariffs for countries that impose levies on U.S. imports, generating uncertainty in the markets.
• Safe haven demand: Trade tensions and global economic instability have increased interest in safe-haven assets, such as gold.
• Pressure on the dollar: The weakness of the greenback has favored the rebound of the precious metal.
• Central bank purchases: The acquisition of gold by global financial entities has strengthened demand.

Ajay Kedia, director of Kedia Commodities, noted that "Trump is unpredictable, and while uncertainty remains in the market, gold will continue to receive support."

Impact on international reserves

Since gold represents approximately 20% of the international reserves of the Central Bank of Argentina, the recent appreciation of the metal has caused an increase in the valuation of these assets.

With a stock of two million ounces, the monetary entity has recorded an estimated gain of USD 668 million so far this year, raising the total value of its gold reserves to USD 5,880 million.

Gold market outlook

The gold market is closely watching the upcoming U.S. economic reports, particularly the producer price index (PPI) data and the retail sales report. These indicators could influence the metal's price and investment decisions.

Meanwhile, gold production has experienced a slight quarterly increase, reaching 1.08 million ounces, above the 1.05 million in the same period last year. This growth has been due to strong performance in operations in North America, Africa, and the Middle East.

China and its impact on gold demand

One of the factors that could continue to drive the price of gold is the recent decision by the Chinese government to implement a pilot program allowing local insurers to invest in gold. This measure could release up to USD 28 billion in investments in the metal, according to market estimates.

Shane Oliver, head of investment strategy at AMP in Sydney, highlighted that "the gold boom reflects a combination of continued central bank purchases to diversify away from the dollar, safe haven demand, and positive momentum attracting more buyers."

Gold continues to consolidate as a key asset in the global financial context, supported by a combination of economic uncertainty, trade tensions, and international monetary policies. Market volatility and investor behavior will continue to be determining factors in the price of the precious metal.