Gold has surged more than 50% in 2025—outpacing rallies seen during the pandemic and the 2008 financial crisis|CC BY-SA 4.0
Gold prices surpassed $4,000 a troy ounce for the first time, signaling a global rush into safer assets as investors grow anxious about the US economy and the dollar’s future.
The precious metal has surged more than 50% in 2025—outpacing rallies seen during the pandemic and the 2008 financial crisis. Not since 1979 has gold soared this sharply in a single year.
The US dollar, meanwhile, posted its weakest first half in over 50 years.
Analysts attribute the rally to fears that President Donald Trump’s trade policies and pressure on the Federal Reserve could disrupt the global financial order.
Central banks, especially in countries distancing from the West, bought 415 tons of gold in the first half of 2025, making gold the world’s second-largest reserve asset after the dollar.
Western investors have joined the rush, pouring $33 billion into US gold ETFs in September.
Goldman Sachs expects prices to reach $4,900 by December 2026 as central banks and investors continue boosting holdings.