Gold prices eased slightly on Thursday but held firmly above the $4,000 mark, as persistent geopolitical and economic uncertainty continued to drive strong demand for the safe-haven metal.
At the time of writing, gold futures (GC=F) were down 0.6% to $4,045.10 per ounce, while the spot price dipped 0.2% to $4,030.54 per ounce. Despite the small pullback, gold remains near record highs after touching $4,049.56 per ounce on Wednesday — its 40th all-time high of 2025.
The metal has doubled in value over the past two years, rising from $2,000 per ounce, and since 2000, gold has outperformed global equities, delivering gains of more than 1,200%.
Some of the market’s recent momentum cooled after U.S. President Donald Trump said a peace deal in the Middle East was “very close”, following renewed optimism in Egyptian-led talks between Israel and Hamas.
However, analysts say the fundamental drivers behind gold’s rise remain strong.
Matthew Piggott, Director of Gold and Silver at Metals Focus, noted that the metal’s strength is underpinned by ongoing macroeconomic and geopolitical instability.
“With these factors likely to persist through 2026, we see no significant catalysts that would cause gold prices to decline meaningfully,” he said. “We expect gold to continue rising throughout the year, potentially testing $5,000 per ounce.”
Swissquote Bank senior analyst Ipek Ozkardeskaya echoed that sentiment, noting that while gold is “in overbought territory,” the fundamentals remain supportive of the rally.
“Previous bullish cycles suggest this run still has room to extend further,” she said. “A rally to $5,000 per ounce is not ruled out.”
With strong central bank buying, ongoing inflation pressures, and fragile geopolitical conditions, analysts say the next major milestone for gold could be $5,000, cementing its dominance as the world’s most trusted store of value.
