- Gold traded above $5,000 per ounce for the first time, briefly topping $5,093 before settling near $5,070.
- The rally follows a more than 60% price gain during 2025 and continued buying in early 2026.
- Safe-haven demand from geopolitical conflicts, U.S. fiscal concerns, and currency debasement drove flows into gold and other precious metals.
- Central bank purchases added hundreds of tonnes to reserves, while analysts note limited mined supply and expect further price pressure.
- Silver topped $100 an ounce, and some strategists set higher targets for gold, including $6,000 by year-end and $10,000 by 2029.
Gold reached a historic high above $5,000 per ounce for the first time, briefly climbing past $5,093 late Sunday and settling around $5,070 as investors sought safe havens amid rising government debt, geopolitical instability, and concerns about currency debasement. The move follows more than a 60% gain through 2025 and continued momentum into 2026, driven by both central bank purchases and investor shifts away from traditional assets.
According to Robin Brooks, a senior fellow at the Brookings Institution and former chief economist at the Institute of International Finance, the rise in precious metals prices is “breathtaking and profoundly scary.” Analysts say the trend reflects growing doubts about fiscal sustainability and a search for non-sovereign assets.
Geopolitical events added to demand. Market volatility increased after a presidential threat of 100% tariffs on Canada, tensions with NATO over Greenland, ongoing wars in Ukraine and Gaza, and Washington’s seizure of Venezuelan President Nicolás Maduro. These events pushed investors toward metals as a safety play.
The rally also breaks usual ties between gold and real interest rates, as fiscal worries outweigh opportunity-cost considerations. Brian Fung, CEO of the Hong Kong Gold Exchange, said factors supporting gold show no sign of disappearing. Ahmad Assiri, Research Strategist at Pepperstone, noted that “it’s inversely correlated because the opportunity cost of keeping the money in a government bond is really not worth it anymore, so people go to gold.”
Central bank buying added hundreds of tonnes to reserves, per data cited from the World Gold Council, while research firm Metals Focus reported a clear shift away from the U.S. dollar. Analysts note mined supply has historically totaled about 216,265 tonnes, and some strategists, including Ed Yardeni, target $6,000 by year-end and $10,000 by 2029. Silver also topped $100 an ounce, reflecting broad strength in precious metals as markets watch whether $5,000 becomes a new floor.
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