Gold has risen by 67% so far this year, on track for its best annual performance since 1979.
The surge is driven by a confluence of factors: growing expectations that the Federal Reserve will cut interest rates twice in 2026, escalating geopolitical tensions on multiple fronts, and sustained purchases by central banks. The United States has intensified its oil blockade against Venezuela, Ukraine attacked a Russian parallel fleet tanker in the Mediterranean for the first time, and tensions between Japan and China remain unresolved.
Gold-backed ETFs have seen capital inflows for four consecutive weeks, with total holdings increasing every month this year except in May.
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