Gold reached a record high of USD 2,670/oz on September 24, driven by geopolitical concerns and a declining US dollar. CIO has upgraded its year-end target to USD 2,750/oz and mid-2025 target to USD 2,850/oz, emphasizing gold's long-term hedging benefits and recommending a 5% allocation in diversified portfolios. Despite signs of slowing Chinese demand, underlying interest remains strong, particularly with increasing ETF demand as uncertainty rises ahead of the US elections.