Gold surge has analysts eyeing new highs after US$5,000 record amid Trump-era geopolitics

Gold surged to an all-time high of US$5,100 an ounce on Monday, with analysts forecasting further gains as the precious metal is increasingly viewed as a strategic hedge amid heightened geopolitical risks linked to the current US administration’s foreign policy shifts and a growing push for de-dollarisation.“We see the recent move as justifiable, given the rise in geopolitical risks and [the] macro environment,” said Alexandra Symeonidi, a senior corporate credit and sustainability analyst with the emerging-markets-debt team at investment management firm William Blair.“We have started the year with geopolitical risks back on the table, and gold has been rallying on the back of the Venezuela news and the Greenland headlines.”Antonio Di Giacomo, senior market analyst at global multi-asset broker XS.com, said active safe-haven demand was driving up gold prices, underpinned by macroeconomic uncertainty and a geopolitical environment that continues to generate volatility across financial markets.Goldman Sachs was forecasting the precious metal to keep climbing in 2026, according to a Bloomberg report on Thursday.The bank raised its year-end price target to US$5,400 an ounce, up from the previous forecast of US$4,900, citing demand from private investors seeking stability.