Gold prices have surged due to strong demand from Asia, with futures rising from $2,052 to $2,360 over three months. Julius Baer attributes this increase not to overall demand growth, but to regional shifts and a greater willingness to pay, especially in China. The Chinese central bank has significantly contributed to this demand, driven by economic and geopolitical motives, including reducing reliance on the US dollar. Julius Baer also holds a positive outlook on silver.