Gold’s Pullback Looks Like a Pause, Not the End of the Bull Run

In Is the Bull Market in Gold Over Already? (Oct 2025), Schroders’ James Luke argues that the recent sharp correction in bullion and miners is a natural breather within a multi-year uptrend.

• Gold’s 5.5% one-day drop and 9% slide in miners came after a record rally of over 30% since August — a move Luke sees as over-extended but not signaling a peak.

• The firm believes fiscal and geopolitical forces—rising deficits, de-globalization, and multipolar tensions—continue to underpin structural demand from central banks, investors, and households, especially in China and India.

• Gold miners still boast record cash-flow margins of around $2,000/oz and are poised for another round of record earnings if prices remain above $3,200/oz.

Is this correction a reset before the next leg higher—or the first crack in gold’s ascent? The full Schroders analysis explains why the long climb may be far from over.