State Street Global Advisors strategists said structural drivers of the gold bull market remain intact: record government debt levels, strong central-bank and Chinese retail physical demand, and rising geopolitical and economic uncertainty. They warned rising rates could further raise debt-servicing costs in major economies and worsen fiscal imbalances. China’s domestic gold price premium has surged this year; Jan–Aug consumer gold imports reached a record 1,141 tonnes despite higher prices. Str

State Street Global Advisors strategists said structural drivers of the gold bull market remain intact: record government debt levels, strong central-bank and Chinese retail physical demand, and rising geopolitical and economic uncertainty. They warned rising rates could further raise debt-servicing costs in major economies and worsen fiscal imbalances. China’s domestic gold price premium has surged this year; Jan–Aug consumer gold imports reached a record 1,141 tonnes despite higher prices. Strategists maintained their baseline forecast that gold will reach $4,750–$5,500/oz by end-Q1 2027.