Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold worth that may intrigue any investor — gold bug or not.
Some have posited that the gold worth could rise as excessive as US$4,000 or US$5,000 per ounce, and there are those that imagine that US$10,000 gold and even US$40,000 gold might develop into a actuality.
These spectacular worth predictions have buyers questioning, what’s gold’s all-time excessive (ATH)?
Up to now 12 months, gold has reached a brand new all-time excessive dozens of occasions. Discover out what has pushed it to those ranges, plus how the gold worth has moved traditionally and what has pushed its efficiency lately.
How is gold traded?
Earlier than discovering what the very best gold worth ever was, it’s price how the dear metallic is traded. Realizing the mechanics behind gold’s historic strikes will help illuminate why and the way its worth modifications.
Gold bullion is traded in {dollars} and cents per ounce, with exercise going down worldwide in any respect hours, leading to a dwell worth for the metallic. Traders commerce gold in main commodities markets akin to New York, London, Tokyo and Hong Kong. London is seen as the middle of bodily valuable metals buying and selling, together with for silver. The COMEX division of the New York Mercantile Trade is residence to most paper buying and selling.
There are a lot of in style methods to spend money on gold. The primary is thru buying gold bullion merchandise akin to bullion bars, bullion cash and rounds. Bodily gold is bought on the spot market, which means that consumers pay a selected worth per ounce for the metallic after which have it delivered. In some components of the world, akin to India, shopping for gold within the type of jewellery is the most important and most conventional path to investing in gold.
One other path to gold funding is paper buying and selling, which is completed via the gold futures market. Members enter into gold futures contracts for the supply of gold sooner or later at an agreed-upon worth.
In such contracts, two positions could be taken: a protracted place underneath which supply of the metallic is accepted or a brief place to offer supply of the metallic. Paper buying and selling as a way to spend money on gold can present buyers with the pliability to liquidate property that aren’t accessible to those that possess bodily gold bullion.
One important long-term benefit of buying and selling within the paper market is that buyers can profit from gold’s safe-haven standing with no need to retailer it. Moreover, gold futures buying and selling can provide extra monetary leverage in that it requires much less capital than buying and selling within the bodily market.
Curiously, buyers can even buy bodily gold through the futures market, however the course of is sophisticated and prolonged and comes with a big funding and extra prices.
Other than these choices, market individuals can spend money on gold via exchange-traded funds (ETFs). Investing in a gold ETF is just like buying and selling a gold inventory on an trade, and there are quite a few gold ETF choices to select from. For example, some ETFs focus solely on bodily gold bullion, whereas others concentrate on gold futures contracts. Different gold ETFs middle on gold-mining shares or observe the gold spot worth.
It is very important perceive that you’ll not personal any bodily gold when investing in an ETF — typically, even a gold ETF that tracks bodily gold can’t be redeemed for tangible metallic.
As regards to the efficiency of gold versus buying and selling shares, gold has an attention-grabbing relationship with the inventory market. The 2 typically transfer in sync throughout “risk-on durations” when buyers are bullish. On the flip aspect, they have an inclination to develop into inversely correlated in occasions of volatility. There are a number of choices for investing in shares, together with gold mining shares on the TSX and ASX, gold juniors, valuable metals royalty firms and gold shares that pay dividends.
In keeping with the World Gold Council, gold’s means to decouple from the inventory market during times of stress makes it “distinctive amongst most hedges within the market.” It’s typically throughout these occasions that gold outperforms the inventory market. For that cause, it’s typically used as a portfolio diversifier to hedge in opposition to uncertainty.
What was the very best gold worth ever?
The gold worth peaked at US$3,646.13, its all-time excessive, throughout buying and selling on September 8, 2025.
What drove it to set this new ATH? Gold reached its new highest worth as momentum continued from Friday’s buying and selling session, which noticed the discharge of unexpectedly weak US job information. Following the discharge, FedWatch’s odds for a 25 foundation level price lower on the upcoming US Federal Reserve assembly dropped from 99 to 90.2 p.c, whereas odds of a 50 level drop jumped to 9.8 p.c. The assembly will happen from September 16 to 17.
Gold set new highs a number of occasions within the final two weeks amid important uncertainty within the US and world economies and surging gold ETF purchases.
One important driver got here on August 29, when a US federal appeals court docket dominated that US President Donald Trump’s “liberation day” tariffs, introduced in April, are unlawful, stating that solely Congress has the ability to enact widespread tariffs. The Trump administration is anticipated to attraction the ruling, which is able to go into impact on October 14.
Inventory markets fell throughout buying and selling September 2, whereas treasury yields within the US and overseas rose considerably, offering tailwinds to the gold worth. Gold was additionally boosted by the expectation of rate of interest cuts by the US Federal Reserve on the September assembly.
Information surrounding the tariffs had beforehand led gold to achieve a number of new highs again in April, as we dive into under.
Why is the gold worth setting new highs in 2025?
This string of record-breaking highs this 12 months are attributable to a number of elements.
Elevated financial and geopolitical turmoil attributable to the brand new Trump administration has been a tailwind for gold this 12 months, in addition to a weakening US greenback, sticky inflation within the nation and elevated protected haven gold demand.
Since coming into workplace in late January, Trump has threatened or enacted tariffs on many nations, together with blanket tariffs on longtime US allies Canada and Mexico and tariffs on the European Union. Trump has additionally applied 25 p.c tariffs on all metal and aluminum imports.
The gold worth set a string of recent highs within the month of April amid excessive market volatility as markets reacted to tariff selections from Trump and the escalating commerce warfare between the US and China. By April 11, Trump had raised US tariffs on Chinese language imports to 145 p.c and China has raised its tariffs on US merchandise to 125 p.c.
As for the impact of those widespread tariffs elevating costs for the American populace, Trump has reiterated his sentiment that the US could have to undergo a interval of financial ache to enter a brand new “golden age” of financial prosperity. Falling markets and a declining US greenback assist gold, as did elevated gold buying in China in response to US tariffs on the nation. Elon Musk’s name to audit the gold holdings in Fort Knox has additionally introduced consideration to the yellow metallic.
What elements have pushed the gold worth within the final 5 years?
Regardless of these latest runs, gold has seen its share of each peaks and troughs over the past decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 within the second half of 2019 on a softer US greenback, rising geopolitical points and a slowdown in financial progress.
Gold’s first breach of the numerous US$2,000 worth degree in mid-2020 was due largely to financial uncertainty attributable to the COVID-19 pandemic. To interrupt via that barrier and attain what was then a file excessive, the yellow metallic added greater than US$500, or 32 p.c, to its worth within the first eight months of 2020.
Gold worth chart, August 31, 2020, to September 1, 2025.
Chart through the Investing Information Community.
The gold worth surpassed that degree once more in early 2022 as Russia’s invasion of Ukraine collided with rising inflation world wide, rising the attract of safe-haven property and pulling the yellow metallic as much as a worth of US$2,074.60 on March 8, 2022. Nonetheless, it fell all through the remainder of 2022, dropping under US$1,650 in October.
Though it did not fairly attain the extent of volatility because the earlier 12 months, the gold worth skilled drastic worth modifications in 2023 on the again of banking instability, excessive rates of interest and the breakout of warfare within the Center East.
After central financial institution shopping for pushed the gold worth as much as the US$1,950.17 mark by the top of January, the US Federal Reserve’s 0.25 p.c price hike on February 1 sparked a retreat because the greenback and Treasury yields noticed good points. The valuable metallic went on to fall to its lowest worth degree of the 12 months at US$1,809.87 on February 23.
The banking disaster that hit the US in early March precipitated a domino impact via the worldwide monetary system and led to the mid-March collapse of Credit score Suisse, Switzerland’s second-largest financial institution. The gold worth jumped to US$1,989.13 by March 15. The continued fallout within the world banking system all through the second quarter of the 12 months allowed gold to interrupt above US$2,000 on April 3, and go on to flirt with a near-record excessive of US$2,049.92 on Might 3.
These good points have been tempered by the Fed’s ongoing price hikes and enhancements within the banking sector, leading to a downward pattern within the gold worth all through the rest of the second quarter and all through Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts anticipated the dear metallic to drop under US$1,800.
That was earlier than the October 7 assaults by Hamas on Israel ignited reliable fears of a a lot bigger battle erupting within the Center East. Reacting to these fears, and to rising expectations that the Fed would start to reverse course on rates of interest, gold broke via the vital psychological degree of US$2,000 and closed at US$2,007.08 on October 27. Because the combating intensified, gold reached a then-new excessive of US$2,152.30 in intraday buying and selling on December 3.
That sturdy momentum within the spot gold worth continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed price cuts on the horizon, the worsening battle within the Center East and the tumultuous US presidential election 12 months. By mid-March, gold was pushing up in opposition to the US$2,200 degree.
That record-setting momentum continued into the second quarter of 2024 when gold broke via US$2,400 in mid-April on robust central financial institution shopping for, sovereign debt considerations in China and buyers anticipating the Fed to start out chopping rates of interest. The valuable metallic went on to hit US$2,450.05 on Might 20.
All through the summer time, the hits saved on coming.
The worldwide macro setting was extremely bullish for gold within the lead as much as the US election. Following the failed assassination try on Trump and an announcement about coming rate of interest cuts by Fed Chair Powell, the gold spot worth hit a then new all-time excessive on July 16 at US$2,469.30. One week later, information that then-President Joe Biden wouldn’t search re-election and would as an alternative go the baton to Vice President Kamala Harris eased a few of the stress within the inventory markets and strengthened the US greenback. This additionally pushed the worth of gold right down to US$2,387.99 on July 22, 2024.
Nonetheless, the bullish elements supporting gold remained in play, and the spot worth for gold went on to breach US$2,500 on August 2 that 12 months on a lower than stellar US jobs report; it closed simply above the US$2,440 degree. A number of weeks later, gold pushed previous US$2,500 as soon as once more on August 16, closing above that degree for the primary time ever after the US Division of Commerce launched information exhibiting a fifth consecutive month-to-month lower in a row for homebuilding.
The information that the Chinese language authorities issued new gold import quotas to banks within the nation following a two month pause additionally helped gas the gold worth rally. Central financial institution gold shopping for has been a big tailwind for the gold worth this 12 months, and China’s central financial institution has been one of many strongest consumers.
Market watchers anticipated the Fed to chop rates of interest by 1 / 4 level at their September 2024 assembly, however information on September 12 that the regulators have been nonetheless deciding between the anticipated lower or a bigger half-point lower led gold costs on a rally that carried via into the following day, bringing gold costs close to US$2,600.
On the September 18 Fed assembly, the committee finally made the choice to chop charges by half some extent, information that despatched gold even greater. By September 20, it moved above US$2,600 and held above US$2,620.
In October 2024, gold first breached the US$2,700 degree and continued to greater on quite a lot of elements, together with additional price cuts and financial information anticipation, the escalating battle within the Center East between Israel and Hezbollah, and financial stimulus in China — to not point out the very shut race between the US presidential candidates.
Whereas the gold worth fell following Trump’s win in early November and largely held underneath US$2,700 via the top of the 12 months, it started trending upwards in 2025 to the brand new all-time excessive mentioned earlier within the article.
What’s subsequent for the gold worth?
What’s subsequent for the gold worth is rarely a straightforward name to make. There are a lot of elements to think about, however a few of the most prevalent long-term drivers embody financial growth, market threat, alternative price and momentum.
Financial growth is likely one of the major gold worth contributors because it facilitates demand progress in a number of classes, together with jewellery, know-how and funding. Because the World Gold Council explains, “That is notably true in growing economies the place gold is commonly used as a luxurious merchandise and a way to protect wealth.”
Market threat can be a first-rate catalyst for gold values as buyers view the dear metallic because the “final protected haven,” and a hedge in opposition to foreign money depreciation, inflation and different systemic dangers.
Going ahead, along with the Fed, inflation and geopolitical occasions, consultants will probably be searching for cues from elements like provide and demand. When it comes to provide, the world’s 5 prime gold producers are China, Australia, Russia, Canada and the US. The consensus within the gold market is that main miners haven’t spent sufficient on gold exploration lately. Gold mine manufacturing has fallen from round 3,200 to three,300 metric tons (MT) every year between 2018 and 2020 to round 3,000 to three,100 MT every year between 2021 and 2023.
On the demand aspect, China and India are the largest consumers of bodily gold, and are in a perpetual battle for the title of world’s largest gold client. That stated, it is price noting that the previous few years have introduced an enormous rebound in central financial institution gold shopping for, which dropped to a file low in 2020, however reached a 55 12 months excessive of 1,136 MT in 2022.
World Gold Council information exhibits 2024 central financial institution gold purchases got here to 1,044.6 MT, marking the third 12 months in a row above 1,000 MT. In H1 2025, the group says gold purchases from central banks reached 415.1 MT.
“I anticipate the Fed’s rate-cutting cycle to be good for gold, however central financial institution shopping for has been and stays a significant factor,” Lobo Tiggre, CEO of IndependentSpeculator.com, informed the Investing Information Community (INN) firstly of This fall 2024.
David Barrett, CEO of the UK division of world brokerage agency EBC Monetary Group, can be keeping track of central financial institution purchases of gold. “I nonetheless see the worldwide central financial institution shopping for as the principle driver — because it has been over the past 15 years,” he stated in an e mail to INN. “This demand removes provide from the market. They’re the final word buy-and-hold individuals and so they have been shopping for huge quantities.”
Along with central financial institution strikes, analysts are additionally expecting escalating tensions within the Center East, a weakening US greenback, declining bond yields, and additional rate of interest cuts as elements that might push gold greater as buyers look to safe their portfolios. “In terms of exterior elements that have an effect on the market, it’s simply tailwind after tailwind after tailwind. So I don’t actually see the pattern altering,” Coffin stated.
Randy Smallwood of Wheaton Valuable Metals (TSX:WPM,NYSE:WPM) informed INN in March 2025 that gold is seeing assist from many elements, together with central financial institution shopping for, nervousness across the US greenback and stronger institutional curiosity. Smallwood is seeing an inflow of fund managers desirous to study valuable metals.
Joe Cavatoni, senior market strategist, Americas, on the World Gold Council, believes that market threat and uncertainty surrounding tariffs and continued demand from central banks are the principle drivers of gold.
“Market threat particularly is a key strategic driver for the gold worth and efficiency,” Cavatoni informed INN in a July 2025 interview. “Assume strategically when you concentrate on gold, and preserve that allocation in thoughts.”
Take a look at extra of INN’s interviews to search out out what consultants have stated concerning the gold worth throughout its 2025 bull run and the place it might go subsequent.
Must you watch out for gold worth manipulation?
It’s vital for buyers to remember that gold worth manipulation is a scorching matter within the trade.
In 2011, when gold hit what was then a file excessive, it dropped swiftly in just some brief years. This decline after three years of spectacular good points led many within the gold sector to cry foul and level to manipulation.
Early in 2015, 10 banks have been hit in a US probe on valuable metals manipulation.
Proof offered by Deutsche Financial institution (NYSE:DB) confirmed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Financial institution of Nova Scotia (TSX:BNS,NYSE:BNS and different corporations have been concerned in rigging gold and silver charges available in the market from 2007 to 2013. Not lengthy after, the long-running London gold repair was changed by the LBMA gold worth in a bid to extend gold worth transparency. The twice-a-day course of, operated by the ICE Benchmark Administration, nonetheless entails quite a lot of banks collaborating to set the gold worth, however the system is now digital.
Nonetheless, manipulation has under no circumstances been eradicated, as a 2020 advantageous on JPMorgan Chase & Co. (NYSE:JPM) exhibits. The subsequent 12 months, chat logs have been launched in a spoofing trial for 2 former valuable metals merchants from the Financial institution of America’s (NYSE:BAC) Merrill Lynch unit. They present a dealer bragging about how simple it’s to control the gold worth.
Gold market individuals have constantly spoken out about manipulation. In mid-2020, Chris Marcus, founding father of Arcadia Economics and creator of the guide “The Massive Silver Quick,” stated that when gold fell again under the US$2,000 mark after hitting near US$2,070, he noticed similarities to what occurred with the gold worth in 2011.
Marcus has been following the gold and silver markets with a spotlight particularly on worth manipulation for almost a decade. His recommendation? “Belief your intestine. I imagine we’re witnessing the final word ’emperor’s actually bare’ second. This isn’t advanced monetary evaluation. Typically I consider it as the best hypnotic thought experiment in historical past.”
Investor takeaway
Whereas we’ve the reply to what the very best gold worth ever is as of now, it stays to be seen how excessive gold can climb, and if the dear metallic can attain as excessive as US$5,000, US$10,000 and even US$40,000.
Even so, many market individuals imagine gold is a should have in any funding profile, and there may be little doubt buyers will proceed to see gold worth motion making headlines this 12 months and past.
That is an up to date model of an article first revealed by the Investing Information Community in 2020.
Don’t neglect to observe us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: The Investing Information Community doesn’t assure the accuracy or thoroughness of the knowledge reported within the interviews it conducts. The opinions expressed in these interviews don’t replicate the opinions of the Investing Information Community and don’t represent funding recommendation. All readers are inspired to carry out their very own due diligence.
