Gold shattered another record on Monday with a surge above $5,100 an ounce, as rising global tensions kept safe-haven demand elevated. Other precious metals also gained.Spot gold jumped as much as 2.5% to nearly $5,111 per ounce on Monday, extending its record run from last week. Silver also spiked, rising by double digits to a new peak of $113.60 per ounce.These dramatic gains drive home bullion’s historic role as a gauge of fear in markets. Over the past year, gold has benefited from the so-called debasement trade, where investors retreat from currencies and Treasuries, amid concerns of debts in advanced economies such as the US and Japan.Some long-term investors, convinced that inflation will become the only path to state solvency, have piled into gold as a way to preserve purchasing power.“People have become a lot more worried about the long-term debt trajectory over the past three years,” said John Reade, chief strategist at the World Gold Council. “The place that I have found the debasement and debt arguments come through the most has been with family offices. They’re thinking about generational wealth protection, rather than the short term.”This debasement trade reached its zenith in late 2025, when prominent investors like Citadel CEO Ken Griffin and Bridgewater Associates founder Ray Dalio pointed to gold’s rise as a warning signal.Coming off its best annual performance since 1979, bullion has now outperformed the S&P 500 since the turn of the century, serving its function as a long-term store of value.Geopolitical tensions have also spooked markets, steering more investors into safe-haven assets like gold. The Trump administration’s attempt to annex Greenland and military intervention in Venezuela all fueled bullion’s latest rally.More room to runDespite setting multiple records and gaining 15% so far this year, many believe gold has room to go even higher. Last week, Goldman Sachs lifted its year-end forecast to $5,400 an ounce, citing increased private-sector investment on top of the already-strong central bank buying.Analysts at Societe Generale gave an even more aggressive price target of $6,000 an ounce, though they caution this may be a conservative estimate with scope for further gains. Meanwhile, Morgan Stanley said the rally could continue, highlighting a bull‑case target of $5,700.GRAPHIC: Gold price has more room to run, analysts sayFor precious metals this year, the major drivers are going to be “Trump and Trump,” Adrian Ash, head of research at online marketplace BullionVault, told Reuters. “A wave of new first-time investing is driving this move in precious metals. It’s led by private investors across Asia and Europe, rushing to build their personal holdings of gold and silver.”“Gold prices continue to be supported by elevated geopolitical and economic uncertainty. Central banks remain strong buyers as they diversify foreign exchange reserves and reduce reliance on the US
dollar,” said Ryan McIntyre, president at Sprott Inc.(With files from Bloomberg and Reuters)
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