Gold prices surged to $5,226 per ounce on Thursday morning, climbing $61 from the previous session as investors continue to flock to the precious metal amid escalating tariff uncertainty and a weakening US dollar.
Record-Breaking Rally Continues
The yellow metal has been on a tear in 2026, rising approximately 20% year-to-date after reaching a record high of $5,594.82 on January 29. The latest push higher comes as the US government began collecting a temporary 10% global import tariff, with potential increases to 15% looming on the horizon.
Silver has outperformed gold in recent sessions, climbing 3.9% to $90.73 per ounce—a three-week high. Platinum also saw significant gains, rising 7.1% to $2,320.90, while palladium advanced 2.6% to $1,814.41.
Tariffs and Geopolitical Tensions Drive Safe-Haven Demand
The combination of trade policy uncertainty and rising geopolitical tensions has created a perfect storm for gold investors. A recent Supreme Court ruling that nullified existing tariffs prompted the administration to announce new temporary tariffs under a less-used trade provision, casting further uncertainty over the US economic outlook.
"There's an inflationary impact from tariffs and high oil prices, especially if an attack is imminent, and I think there's also some hedging by investors," said Bart Melek, head of commodity strategy at TD Securities.
Rising friction between Washington and Iran over nuclear weapons has added another layer of geopolitical risk, further bolstering gold's appeal as a safe-haven asset.
Dollar Weakness Amplifies Gains
A softer US dollar has provided additional tailwinds for gold prices. The yuan has rallied to a 2.75-year high against the dollar, while concerns that foreign investors may reduce dollar asset holdings following recent executive orders have weighed on the greenback.
Because gold is priced globally in US dollars, a weaker currency makes purchases cheaper for international investors, stimulating demand and supporting higher prices.
Central Banks Continue Accumulating
One of the defining features of gold's historic bull run has been unprecedented central bank buying. Purchases have more than doubled since 2022 relative to the 2015-2019 average, as nations diversify reserves away from dollar-denominated assets.
This structural shift in demand, combined with strong ETF inflows, has provided a solid foundation for gold's ascent past the $5,000 milestone earlier this year.
Where Do Prices Go From Here?
Wall Street analysts remain bullish on gold's prospects. J.P. Morgan Global Research forecasts prices will average $5,055 per ounce by the final quarter of 2026, rising toward $5,400 by the end of 2027.
Bank of America has an even more ambitious target, expecting gold to reach $6,000 per ounce within the next 12 months. The bank also projects silver could exceed $100 per ounce this year.
For investors seeking portfolio protection against inflation and economic uncertainty, gold's remarkable performance over the past year—up 82.92% from February 2026 compared to the same period last year—underscores its enduring appeal as a store of value during turbulent times.
Sources: Fortune, CNBC, TD Securities, Bank of America, J.P. Morgan Global Research