Gold topped $5,000 per ounce for the first time, peaking near $5,093 late Sunday and settling around $5,070. Central banks and private investors drove the move across global markets amid rising debt, geopolitical shocks, and fears of currency debasement.
The metal rose more than 60% during 2025, and momentum continued into 2026. Data shows central banks added hundreds of tons to reserves last year, according to the World Gold Council and research from Metals Focus.
According to Robin Brooks, a senior fellow and former chief economist, “the rise in precious metals prices is breathtaking and profoundly scary.” His comments reflect broad concern among economists and investors.
Political moves increased safe-haven demand, including trade threats, NATO tensions over Greenland, and wars in Ukraine and Gaza. Washington’s seizure of Venezuelan President Nicolás Maduro also intensified market jitters.
Brian Fung, CEO of the Hong Kong Gold Exchange, said, “all the factors supporting gold show no sign of disappearing any time soon.” That view contrasts with historical patterns linking gold to real interest rates.
The Federal Reserve is expected to cut rates twice this year, which usually helps bullion prices. Ahmad Assiri of Pepperstone said, “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.”
Analysts note limited supply, with about 216,265 tonnes mined historically, and targets include $6,000 by year-end and $10,000 by 2029 from some strategists. Silver also surpassed $100 per ounce after roughly a 150% rise last year, and markets now watch whether $5,000 becomes a new floor (Ed. note: this threshold is closely monitored by traders).
