Overview
- Spot gold hit a record near $4,525 per ounce this week before easing to about $4,469, with analysts describing a brief bout of profit‑taking and chart consolidation.
- The metal has gained roughly 70% in 2025 with around 50 new daily highs, marking its strongest annual performance since 1979.
- Expectations for additional U.S. rate cuts in 2026, persistent geopolitical tension, and the dollar’s weakest year since 2017 have supported demand.
- Global central banks have added more than 1,000 tonnes annually for three straight years as investors also returned to ETFs, with diversification away from U.S. assets cited as a key motive; some forecasts, including from JPMorgan, see potential for prices above $5,000 in 2026.
- Silver has surged about 147% to record highs and platinum has jumped roughly 160–170% to peaks above $2,300, helped by tight supply including disruptions in South Africa.