Gold hit a historic high of over $4,500 per ounce in 2025 due to a weaker dollar, policy uncertainty, and demand from central banks. Analysts believe the rally is structural and not just reactive, predicting prices to potentially reach $5,000 in 2026. Factors like lower interest rates and inflation could further support gold’s rise.

The spot gold price surged past $4,500 per troy ounce for the first time and is trading around $4,490 per ounce. Gold is up over 70% in its best year since 1979. Major banks expect gold to trade in the $4,500 to $4,700 per ounce range next year, potentially reaching $5,000.

Gold’s rally is driven by structural factors like elevated debt, policy uncertainty, and a weaker dollar. Analysts believe gold doesn’t need a crisis to rise in 2026, as it absorbs fear in the current environment. Investor positioning remains relatively balanced, suggesting the trade is not overcrowded.

Factors that could extend gold’s bull run include a Fed chair inclined to push for lower interest rates. Wall Street giant Goldman Sachs predicts gold prices climbing to $4,900 per ounce by December 2026. Gold is expected to find support on pullbacks, with renewed interest from retail and institutional buyers.

Read more at Yahoo Finance: Gold still has room to run in 2026, even after a record-setting year