NAB Morning Call Gold and the power triple
Sep 1, 2025
Rodrigo Catril from NAB Markets Research shares insights on the latest Aussie GDP figures and their implications. He highlights how economic uncertainties in the U.S. and global power dynamics are pushing gold prices to new heights. The conversation touches on the role of the dollar's weakness in elevating gold as a safe-haven asset. Catril also discusses the geopolitical landscape with leaders like Putin, Xi, and Modi, and how their relationships affect market stability and investor confidence in gold.
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Triple Drivers Powering Gold
- Gold is rallying due to a weaker dollar, lower bond yields and political uncertainty undermining Fed independence.
- These combined forces create a strong multi‑factor tailwind for bullion.
$4,000 Gold Is Plausible
- Major banks forecast gold reaching around $4,000 next year, implying further upside of ~15%.
- Rodrigo Catril links this to reduced faith in US policy and demand for assets less tied to the dollar.
Political Risk Amplifies Safe‑Haven Demand
- Challenges to Fed independence add to gold's appeal as a political hedge.
- Geopolitical escalation, particularly in Ukraine, further boosts safe‑haven demand.