LONDON, Oct 8 — Gold continues its record-breaking ascent, fueled by growing fears over global economic instability and geopolitical tensions. The precious metal has surged 54% so far this year, touching an all-time high above $4,000 per ounce, with analysts suggesting the rally may still have room to run.

Over the past two years, gold prices have more than doubled as investors seek safety from a range of risks — from President Donald Trump’s trade tariffs and concerns about U.S. dollar volatility to lingering inflation, Federal Reserve policy worries, and sluggish growth across Europe.

> “The gold market is seeing a once-in-a-generation surge,” said John Meyer, an analyst at consultancy SP Angel.

Silver, Platinum, and Palladium Rise in Gold’s Shadow

Gold’s record momentum has lifted other precious metals as well. Silver, platinum, and palladium have all rallied in recent months, mirroring the safe-haven rush.

> “This rally is extraordinary. It’s a clear signal that something in the global economy is making investors nervous,” said Dan Smith, managing director at Commodity Market Analytics.

Central Bank Buying Strengthens the Rally

Gold prices are also being underpinned by strong central bank purchases. According to consultancy Metals Focus, central banks have bought more than 1,000 metric tons of gold annually since 2022 — a level of accumulation not seen in decades. For 2025, the group expects around 900 tons in purchases, nearly double the yearly average between 2016 and 2021.

Monetary policymakers have contributed to the rally by holding off on rate hikes and maintaining low borrowing costs, further driving investors toward gold as a store of value.

Bull Run Could Continue Into 2026

Despite some warnings that the gold market may be overbought, analysts believe that a break above $4,000 could pave the way for an extended bull run into 2026.

> “Normally, one or two major risks drive gold in any given year,” said David Wilson of BNP Paribas. “But right now, every traditional gold driver — inflation, debt, central bank buying, geopolitical fear — is active all at once.”

As investor confidence in traditional safe-havens like U.S. Treasuries wanes, many are shifting their portfolios toward gold-backed assets, such as ETFs, bars, and coins.

Goldman Sachs Lifts Long-Term Outlook

Reflecting the ongoing optimism, Goldman Sachs recently raised its December 2026 gold price forecast to $4,900 per ounce, citing robust demand and limited supply.

> “The mood among investors right now is simple — there may not be a dip,” added Wilson. “The momentum is strong, and the belief is that gold could keep rising.”