After one of the most explosive rallies in modern market history, few investors expect gold to pull off a repeat in 2026. But many top money managers are still betting on further gains, arguing that the forces that propelled bullion to a record remain in place.
Gold surged 65% in 2025 — its strongest performance in nearly half a century — as retail and institutional investors piled in alongside central banks. In a year where almost every tailwind supporting the precious metal collided, from falling interest rates to geopolitical tensions, bullion even pushed through an inflation-adjusted high that had held since 1980.