Gold enters 2026 at record hig

2025-12-22

Gold enters 2026 at record highs after an exceptional rally driven by strong central bank demand, macro uncertainty, and a shift in strategic asset allocation.

Gold has long reflected global economic and political stress, with its price typically rising during periods of heightened uncertainty. In the wake of the global financial crisis, gold surged past $1,000. During the Covid-19 pandemic, it climbed to $2,000. Then, when Trump announced tariffs in April, it surpassed the $3,000 mark. The $4,000 mark was hit during the recent prolonged US government shutdown.

Global gold demand hit 1,313 tonnes in the third quarter of 2025, the strongest quarterly total on record, according to the World Gold Council. This surge was driven by strong investment demand, including purchases via exchange-traded funds, bars and coins, as well as significant buying by central banks.

$5400, 5800, or Beyond $6000: Would You Reload Gold?

After retreating from $5,600 highs, ANZ now lifts its Q2 2026 gold target to $5,800, arguing the pullback may attract fresh inflows. Unlike 1980 or 2013, analysts see structural drivers — central bank diversification, dollar skepticism, geopolitical stress, and policy uncertainty — underpinning demand. ANZ says gold’s strategic “insurance” bid remains intact. Meanwhile, silver is expected to track gold but underperform, with the gold-silver ratio reverting toward 70:1. With Goldman at $5,400 and UBS/JPM near $6,200–$6,300 — is this consolidation, not a top?

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