Looking back at the gold price in 2025, it has been quite an intense year. At the end of November, the metal hit $4,300-$4,350 per ounce, consolidating highs we hadn't seen in months. The interesting part is how we got there: we started January around $2,670 and finished near $4,350. That’s almost a 63% accumulated gain.

What caught my attention throughout the year was the combination of factors that drove the gold price in 2025. Initially, it was the trade tensions between the U.S. and China with tariffs of 145%, then the geopolitics in the Middle East, but also something more structural: central banks kept buying non-stop. China, Poland, and other emerging markets were constantly accumulating reserves. That was a constant support.

There were moments when it seemed the strong dollar was holding back the advance, but the weakness of bond yields and expectations of rate cuts ended up offsetting that. Technically, the metal broke through barrier after barrier: first the $3,000 mark in March, then $3,500 in April, and finally reached historic highs near $4,350 in December. The RSI moved from overbought zones without collapsing, suggesting genuine demand.

The curious thing is that the gold price in 2025 rose while stocks and crypto also rallied. That’s not usually the case. Historically, gold rises when everything else falls, but in 2025 it was more of a synchronized rally of safe-haven assets driven by macro uncertainty.

Looking at the last months of 2025, the metal remained firm in high ranges. Institutional demand via ETFs was consistent, and although there was volatility due to specific geopolitical news, the structural sentiment remained bullish. By the end of the year, analysts continued projecting that the gold price in 2025 would close strongly, and that’s how it turned out.

Now, entering 2026, what I observe is that that 2025 momentum left a solid foundation. Central banks haven't stopped buying, geopolitics remains uncertain, and although rates show signs of stabilization, the demand for refuge persists. Gold has proven to be more than speculation: it’s real structural demand.