Joe Cavatoni of the World Gold Council discusses trends in the yellow metal. “We’ve seen yet another quarter of increased demand,” he says, with about $130 billion in new demand in 2Q from central banks and investors alike. He thinks people around the world are reacting to tariffs and “understanding diversification is necessary.” Central banks are in the “15th year” of record buying as they move away from the U.S. dollar as a reserve asset. Supply growth is steady around 2%, Joe adds.