Gold extended its relentless rally on Monday, surging past $4,000 per ounce and marking a 53% gain year-to-date, its strongest performance in history. The move reflects deepening global anxiety over geopolitical conflicts, economic instability, and currency uncertainty. Analysts warned that with investors rushing into safe-haven assets amid rising global risks, “there appears to be no ceiling for gold.”
Multiple crises have fueled the rally: the Russia-Ukraine war, escalating Israel-Hamas violence spreading into Iran and Yemen, and growing disruptions to global trade routes. At the same time, U.S. tariffs under President Donald Trump, concerns over Federal Reserve independence, and Europe’s weakening growth have further shaken investor confidence.
Gold prices jumped 12% in September alone, with silver, platinum, and palladium also posting sharp gains. Analysts at Commodity Market Analytics, led by Dan Smith, warned that “the magnitude of this rally suggests something is seriously wrong—we should be worried.”
Low borrowing costs and delayed rate hikes have added further fuel to the rally, while central banks are on track to purchase more than 1,000 tons of gold in 2025, marking their fourth consecutive year of heavy accumulation as they diversify away from the U.S. dollar.
Despite overbought warnings, many still see room for further gains. Goldman Sachs raised its December 2026 price forecast to $4,900 per ounce, citing continued demand from central banks, ETFs, and retail investors as the primary driver of long-term strength.