The question on many people's minds right now: Will gold go higher? Especially after what we've seen in the first months of 2026.

I noticed that gold entered this year with exceptional strength. In January, the rally was very sharp, reaching levels close to $5,600 per ounce — a historic peak we haven't seen before. But the momentum didn't continue the same way. March was tough on gold, with a sharp correction, and monthly losses of about 11.8% — the worst since October 2008. Now in April and May, gold is moving within a range of $4,700 to $4,900, which is still historically high but far from those peaks.

What is driving the market? Three main factors specifically: inflation, dollar strength, and central bank policies. In 2025, gold experienced a crazy rally — about 70% from the start of the year — due to safe-haven demand and a weak dollar. The year started around $3,000, and by the end, it reached $4,550.

Now in 2026, will gold rise again to those levels? Analysts are divided. JPMorgan expects it to reach $6,300 by year-end. UBS raises the target to $6,200, with a possibility of reaching $7,200 if geopolitical tensions escalate. On the other hand, Morgan Stanley sees $4,600 as a baseline scenario. The average from a Reuters poll of 30 analysts came to $4,746.50.

The truth is, whether gold will go higher depends on unpredictable factors. US inflation rose to 3.3% in March after being 2.4% in February — this gives gold support. But if the Federal Reserve raises interest rates again, the situation could change quickly. The US dollar is strong right now, which puts pressure on prices.

On the demand side, central banks are still buying heavily. Exchange-traded funds (ETFs) are experiencing large inflows. Jewelry and industrial uses remain stable. Mine supply is limited. All of this supports prices in the long term.

If you're considering investing now, you need to set your goals first. Do you want to protect your savings from inflation? Or trade on daily volatility? There are many options: physical gold bars and coins for direct ownership, futures contracts for quick speculation, or gold-backed funds for diversification.

The key point: gold is not a risk-free investment. Prices fluctuate, and timing is difficult. But in the long run, it has proven to be a good store of wealth. Will gold go higher from here? The possibility exists, but beware of volatility. Focus on a long-term plan rather than emotional speculation.