Gold surge has analysts eyeing new highs after US$5,100 record amid Trump-era geopolitics
Safe-haven demand spikes amid de-dollarisation fears and supply-chain tensions, as gold buyers seek stability against growing macro uncertainties
Gold surged to an all-time high of US$5,100 an ounce on Monday, with analysts forecasting further gains as the precious metal is increasingly viewed as a strategic hedge amid heightened geopolitical risks linked to the current US administration’s foreign policy shifts and a growing push for de-dollarisation.
“We see the recent move as justifiable, given the rise in geopolitical risks and [the] macro environment,” said Alexandra Symeonidi, a senior corporate credit and sustainability analyst with the emerging-markets-debt team at investment management firm William Blair.
Antonio Di Giacomo, senior market analyst at global multi-asset broker XS.com, said active safe-haven demand was driving up gold prices, underpinned by macroeconomic uncertainty and a geopolitical environment that continues to generate volatility across financial markets.
Goldman Sachs was forecasting the precious metal to keep climbing in 2026, according to a Bloomberg report on Thursday.
The bank raised its year-end price target to US$5,400 an ounce, up from the previous forecast of US$4,900, citing demand from private investors seeking stability.