Gold remains near historic highs in early 2026, with prices rebounding above $5,000 per ounce despite recent volatility, as investors continue to seek safe-haven assets amid economic uncertainty.
The precious metal briefly surged past $5,500 in late January before dipping below $4,700 in early February, prompting predictions of a reversal. However, the swift recovery has reinforced gold’s strong long-term trend, with prices still dramatically higher than a year ago when bullion traded below $3,000.
Analysts say tariffs and rising trade tensions have contributed to the latest rally, but broader structural forces are driving sustained demand. Persistent inflation, even as headline rates ease, continues to erode purchasing power and push investors toward assets historically seen as stores of value.
Record global debt levels are also weighing on confidence in fiat currencies. Governments have sharply increased borrowing in recent years, fuelling concerns about long-term currency stability — a dynamic that tends to support gold prices.
Central bank buying has provided additional momentum. Many monetary authorities have boosted gold reserves as part of a wider diversification strategy away from heavy reliance on the US dollar, reinforcing structural support for the market.
Expectations of lower interest rates are another factor. As markets anticipate potential rate cuts, the opportunity cost of holding non-yielding assets like gold falls, making bullion more attractive relative to cash savings.
Geopolitical tensions, including trade disputes and ongoing global conflicts, have further strengthened safe-haven demand. Together, these factors suggest gold’s resilience is rooted less in short-term shocks and more in deep-seated concerns about inflation, debt and financial stability.
While tariffs may have sparked the latest surge, market observers say gold’s enduring strength reflects broader anxieties about the global economic outlook in an increasingly uncertain world.
From economics and politics to business, technology and culture, Kursiv Uzbekistan brings you key news and in-depth analysis from Uzbekistan and around the world. To stay up to date and get the latest stories in real time, follow our Telegram channel.
