Gold broke through the €2,900 per troy ounce mark this week for the first time in history, driven by a combination of central bank buying, dollar weakness, and ongoing geopolitical uncertainty. Here’s what it means if you’re buying, selling, or holding.
Central banks across the globe have continued to add to their gold reserves at record pace. The latest data from the World Gold Council shows net purchases of over 1,100 tonnes in 2025, the third consecutive record year.
For Irish investors, the key takeaway is that gold priced in euros has outperformed almost every major asset class over the past 12 months. The combination of a weaker dollar and continued euro strength has meant euro-denominated gold has lagged slightly behind dollar-denominated moves — but the long-term trend remains firmly bullish.
