On December 15, Allianz Investment published an article stating that over the past few decades, the role of gold in investment portfolios has been marginalized due to stable markets and a low inflation environment, and now it is returning strongly. The recent rise in gold prices was mainly driven by structural changes, which the agency identified in early 2025, including central bank demand, fiscal concerns, and de-dollarization. But some of the more traditional factors also contributed to the situation. Gold's low correlation with stocks and US treasury bonds, and its value as a “physical asset” in protecting purchasing power is further strengthened in an environment where the geo-economic landscape is increasingly fragmented. Looking ahead, Allianz expects the strategic value of gold to continue until 2026 and beyond, and short-term market adjustments may bring good opportunities to enter the market.

On December 15, Allianz Investment published an article stating that over the past few decades, the role of gold in investment portfolios has been marginalized due to stable markets and a low inflation environment, and now it is returning strongly. The recent rise in gold prices was mainly driven by structural changes, which the agency identified in early 2025, including central bank demand, fiscal concerns, and de-dollarization. But some of the more traditional factors also contributed to the situation. Gold's low correlation with stocks and US treasury bonds, and its value as a “physical asset” in protecting purchasing power is further strengthened in an environment where the geo-economic landscape is increasingly fragmented. Looking ahead, Allianz expects the strategic value of gold to continue until 2026 and beyond, and short-term market adjustments may bring good opportunities to enter the market.