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.

Gold Back Above $5,000: Rotation to Copper Next?

Gold has reclaimed the $5,000/oz level after a sharp pullback. According to JPMorgan strategist Jason Hunter, the recent volatility represents a healthy consolidation within a long-term uptrend, rather than a trend reversal. JPMorgan expects copper to rebound earlier than gold in Q2, as industrial demand stabilizes and inventory dynamics improve. Is this the moment to rotate from gold into copper-led cyclicals? Will gold reclaim $5400?

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