Gold market gurus from Lynette Zang to Chris Blasi to Jordan Roy-Byrne have shared eye-popping predictions on the gold value that will intrigue any investor — gold bug or not.
Some have posited that the gold value might rise as excessive as US$4,000 or US$5,000 per ounce, and there are those that consider that US$10,000 gold and even US$40,000 gold may grow to be a actuality.
These spectacular value predictions have buyers questioning, what’s gold’s all-time excessive (ATH)?
Up to now yr, gold has reached new all-time highs dozens of occasions. Discover out what has pushed it to those ranges, plus how the gold value has moved traditionally and what has impacted its efficiency lately.
How is gold traded?
Earlier than discovering what the very best gold value ever was, it’s price taking a look at how the valuable steel is traded. Understanding the mechanics behind gold’s historic strikes can assist illuminate why and the way its value modifications.
Gold bullion is traded in {dollars} and cents per ounce, with exercise going down worldwide in any respect hours, leading to a dwell value. Traders commerce gold in main commodities markets reminiscent of New York, London, Tokyo and Hong Kong.
London is seen as the middle of bodily treasured metals buying and selling, together with for silver. The COMEX division of the New York Mercantile Change is dwelling to most paper buying and selling.
There are numerous standard methods to put money into gold. The primary is thru buying gold bullion merchandise reminiscent of bullion bars, bullion cash and rounds. Bodily gold is bought on the spot market, that means that consumers pay a selected value per ounce for the steel after which have it delivered or saved in a safe facility. In some components of the world, reminiscent of 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 value.
In such contracts, two positions will be taken: an extended place underneath which supply of the steel is accepted or a brief place to supply supply of the steel. Paper buying and selling as a way to put money into gold can present buyers with the pliability to liquidate belongings that aren’t obtainable 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 without having to retailer it. Moreover, gold futures buying and selling can supply extra monetary leverage in that it requires much less capital than buying and selling within the bodily market. Traders also can buy bodily gold through the futures market, however the course of is sophisticated and prolonged and comes with a big funding and extra prices.
Except for these choices, market contributors can put money into gold via exchange-traded funds (ETFs). Investing in a gold ETF is just like buying and selling a gold inventory on an change, and there are quite a few gold ETF choices to select from relying in your choice. As an example, some ETFs focus solely on bodily gold bullion, whereas others deal with gold futures contracts. Different gold ETFs middle on gold-mining shares or comply with the gold spot value.
It is very important perceive that you’ll not personal any bodily gold when investing in an ETF — generally, even a gold ETF that tracks bodily gold can’t be redeemed for tangible steel.
Gold has an fascinating relationship with the inventory market. The 2 usually transfer in sync throughout “risk-on durations” when buyers are bullish. On the flip aspect, they have an inclination to grow to be inversely correlated in occasions of volatility.
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 usually throughout these occasions that gold outperforms the inventory market. For that purpose, it’s usually used as a portfolio diversifier to hedge in opposition to uncertainty.
There are a number of choices for investing in gold shares, together with gold-mining shares on the TSX and ASX, gold juniors, treasured metals royalty corporations and gold shares that pay dividends.
What was the very best gold value ever?
The gold value peaked at US$3,707.34, its all-time excessive, throughout buying and selling on September 17, 2025.
What drove it to this new ATH? Gold reached its new highest value simply after the US Federal Reserve introduced a extensively anticipated rate of interest discount of 25 foundation factors. Charge reduce expectations had been closely fueled within the previous weeks by the discharge of US shopper value index knowledge, in addition to jobs numbers.
Moreover, the US greenback index continued a downtrend that began in mid-January, falling to a year-to-date low 96.56 on September 16. Historically, gold trades increased when the US greenback is weak, making it a preferred hedge.
Bond market turmoil within the US and overseas on September 2 additionally offered tailwinds for gold, which has set a number of new highs all through 2025 and in current weeks amid important uncertainty.
Whereas gold’s recent ATH got here on September 17, on September 7 gold’s record-breaking run formally took it previous its inflation adjusted all-time excessive of US$850 per ounce set in January 1980.
Why is the gold value setting new highs in 2025?
Gold’s record-setting exercise extends past the final a number of weeks as effectively.
Elevated financial and geopolitical turmoil brought on by the Trump administration has been a tailwind for gold this yr, in addition to a weakening US greenback, sticky inflation within the nation and elevated safe-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 EU.
Trump has additionally carried out 25 p.c tariffs on all metal and aluminum imports.
The gold value set a string of latest highs within the month of April amid excessive market volatility as markets reacted to tariff choices from Trump and the escalating commerce struggle between the US and China. By April 11, Trump had raised US tariffs on Chinese language imports to 145 p.c and China had raised its tariffs on US merchandise to 125 p.c. Trump has reiterated that the US might must undergo a interval of financial ache to enter a brand new “golden age” of financial prosperity.
Falling markets and a declining US greenback have supported gold too, in addition to elevated shopping for from China. Elon Musk’s name to audit the gold holdings in Fort Knox has additionally introduced consideration to the yellow steel.
What elements have pushed the gold value within the final 5 years?
Regardless of these current runs, gold has seen its share of each peaks and troughs during the last 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 value degree in mid-2020 was due largely to financial uncertainty brought on by the COVID-19 pandemic. To interrupt via that barrier and attain what was then a report excessive, the yellow steel added greater than US$500, or 32 p.c, to its worth within the first eight months of 2020.
Gold value chart, September 14, 2020, to September 15, 2025.
Chart through the Investing Information Community.
The gold value surpassed that degree once more in early 2022 as Russia’s invasion of Ukraine collided with rising inflation all over the world, rising the attract of safe-haven belongings and pulling the yellow steel as much as a value of US$2,074.60 on March 8. 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 yr, the gold value skilled drastic value modifications in 2023 on the again of banking instability, excessive rates of interest and the breakout of struggle within the Center East.
After central financial institution shopping for pushed the gold value as much as the US$1,950.17 mark by the top of January, the Fed’s 0.25 p.c price hike on February 1 sparked a retreat because the greenback and treasury yields noticed features. The valuable steel went on to fall to its lowest value degree of the yr at US$1,809.87 on February 23.
The banking disaster that hit the US in early March triggered 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 value had jumped to US$1,989.13 by March 15. The continued fallout within the world banking system all through the second quarter of the yr 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 Could 3.
These features have been tempered by the Fed’s ongoing price hikes and enhancements within the banking sector, leading to a downward pattern within the gold value 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 valuable steel to drop under US$1,800.
That was earlier than the October 7 assaults by Hamas on Israel ignited legit 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 necessary psychological degree of US$2,000 and closed at US$2,007.08 on October 27. Because the preventing intensified, gold reached a then-new excessive of US$2,152.30 in intraday buying and selling on December 3.
That strong momentum within the spot gold value 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 yr. 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 sturdy central financial institution shopping for, sovereign debt issues in China and buyers anticipating the Fed to start out slicing rates of interest. The valuable steel went on to hit US$2,450.05 on Could 20.
All through the summer time, the hits saved on coming.
The worldwide macro atmosphere was extremely bullish for gold main as much as the US election. Following the failed assassination try on Trump and an announcement about coming price cuts by Fed Chair Jerome Powell, the gold spot value 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 a substitute go the baton to Vice President Kamala Harris eased among the pressure within the inventory market and strengthened the US greenback. This additionally pushed the value 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 value for gold went on to breach US$2,500 on August 2 that yr on a less-than-stellar US jobs report; it closed simply above the US$2,440 degree. Just a few 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 knowledge 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 value rally. Central financial institution gold shopping for has been a big tailwind for the gold value this yr, 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 its September 2024 assembly, however information on September 12 that the regulators have been nonetheless deciding between the anticipated reduce or a bigger half-point reduce led the gold value on a rally that carried via into the subsequent day, bringing the steel close to US$2,600.
On the September 18 Fed assembly, the committee finally made the choice to chop charges by half a degree, information that despatched gold even increased. By September 20, it had moved above US$2,600 and was holding above US$2,620.
In October 2024, gold first breached the US$2,700 degree and continued to increased on quite a lot of elements, together with additional price cuts and financial knowledge 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 value fell following Trump’s win in early November and largely held underneath US$2,700 via the top of the yr, it started trending upward in 2025 to the brand new all-time excessive mentioned earlier within the article.
What’s subsequent for the gold value?
What’s subsequent for the gold value isn’t a simple name to make. There are numerous elements to think about, however among the most prevalent long-term drivers embrace financial enlargement, market threat, alternative price and momentum.
Financial enlargement is among the main gold value 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 significantly 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 valuable steel because the “final secure haven,” and a hedge in opposition to forex depreciation, inflation and different systemic dangers.
Going ahead, along with the Fed, inflation and geopolitical occasions, consultants shall be on the lookout for cues from elements like provide and demand. By way of 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) annually between 2018 and 2020 to round 3,000 to three,100 MT annually between 2021 and 2023.
On the demand aspect, China and India are the largest consumers of bodily gold, and are in a perpetual struggle for the title of world’s largest gold shopper. That mentioned, it is price noting that the previous couple of years have introduced a giant rebound in central financial institution gold shopping for, which dropped to a report low in 2020, however reached a 55 yr excessive of 1,136 MT in 2022.
World Gold Council knowledge reveals 2024 central financial institution gold purchases got here to 1,044.6 MT, marking the third yr in a row above 1,000 MT. In H1 2025, the group says gold purchases from central banks reached 415.1 MT.
“I count on the Fed’s rate-cutting cycle to be good for gold, however central financial institution shopping for has been and stays a significant component,” Lobo Tiggre, CEO of IndependentSpeculator.com, advised the Investing Information Community (INN) at the beginning of This autumn 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 during the last 15 years,” the knowledgeable mentioned in an e-mail to INN. “This demand removes provide from the market. They’re the final word buy-and-hold contributors and so they have been shopping for huge quantities.”
Along with central financial institution strikes, analysts are additionally watching 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 increased as buyers look to safe their portfolios. “In relation to outdoors 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,” mentioned Eric Coffin of Arduous Rock Analyst.
Randy Smallwood of Wheaton Valuable Metals (TSX:WPM,NYSE:WPM) advised 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 treasured 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 specifically is a key strategic driver for the gold value and efficiency,” Cavatoni advised INN in a July 2025 interview. “Suppose strategically when you consider gold, and maintain that allocation in thoughts.”
Try extra of INN’s interviews to seek out out what consultants have mentioned in regards to the gold value throughout its 2025 bull run and the place it may go subsequent.
Must you watch out for gold value manipulation?
It’s necessary for buyers to remember that gold value manipulation is a sizzling matter within the business.
In 2011, when gold hit what was then a report excessive, it dropped swiftly in only a few brief years. This decline after three years of spectacular features 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 treasured 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 out there from 2007 to 2013. Not lengthy after, the long-running London gold repair was changed by the LBMA gold value in a bid to extend gold value transparency. The twice-a-day course of, operated by the ICE Benchmark Administration, nonetheless includes quite a lot of banks collaborating to set the gold value, however the system is now digital.
Nonetheless, manipulation has not at all been eradicated, as a 2020 high-quality on JPMorgan Chase & Co. (NYSE:JPM) reveals. The subsequent yr, chat logs have been launched in a spoofing trial for 2 former treasured metals merchants from the Financial institution of America’s (NYSE:BAC) Merrill Lynch unit. They present a dealer bragging about how straightforward it’s to govern the gold value.
Gold market contributors have persistently spoken out about manipulation. In mid-2020, Chris Marcus, founding father of Arcadia Economics and writer of the e-book “The Huge Silver Quick,” mentioned 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 value in 2011.
Marcus has been following the gold and silver markets with a spotlight particularly on value manipulation for practically a decade. His recommendation? “Belief your intestine. I consider we’re witnessing the final word ’emperor’s actually bare’ second. This isn’t advanced monetary evaluation. Generally I consider it as the best hypnotic thought experiment in historical past.”
Investor takeaway
Whereas we now have the reply to what the very best gold value ever is as of now, it stays to be seen how excessive gold can climb, and if the valuable steel can attain as excessive as US$5,000, US$10,000 and even US$40,000.
Even so, many market contributors consider gold is a will need to have in any funding profile, and there’s little doubt buyers will proceed to see gold value motion making headlines this yr and past.
That is an up to date model of an article first revealed by the Investing Information Community in 2020.
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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 data 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.
