Wednesday, 23 July 2025 Reading time : 2 minutes

The gold rally shows no signs of abating for the time being. Since the start of the year, the price of the precious metal has risen by almost 30%, reaching a new all-time high of around USD 3,500 per ounce in April. Currently, gold is trading slightly below its record high.

The latest price developments are largely driven by geopolitical uncertainties and economic risks. In a market environment characterised by trade conflicts, a weak US dollar and low interest rates, gold is once again proving to be a safe haven for investors. Furthermore, central banks have maintained their role as significant purchasers of gold, contributing to its stability and value.
 
Investors looking to capitalise on gold's potential upside while safeguarding against losses may find the ZKB capital protection certificate on the Swisscanto Gold ETF USD an appealing investment opportunity.

The product has a term of 15 months and offers full capital protection at maturity. Investors participate fully in the upside performance of the Swisscanto Gold ETF USD, provided the 122% barrier is not touched during the term (knock-out). Should a knock-out event occur, investors will receive 100% of their capital at maturity, without participating in the performance of the ETF.  The product is therefore not suitable for investors who expect a sharp rise in the gold price in the coming months. However, the 100% capital protection at maturity applies regardless of the performance of the underlying.

The capital protection certificate is open for subscription until 25 July, 2025, 12.00h CET.

Product details
USD denominated
15 months
100% Capital protection
100% Participation on ZKB Gold ETF USD
122% Knock-out barrier

Valor: 144 653 120
Termsheet

Indicative terms

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements. The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document. If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.
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