• Gold price climbs over 53% since early 2025 to reach $4,000 per ounce
• Surge outpaces projections from Goldman Sachs and UBS
• Safe-haven demand rises amid global economic and geopolitical uncertainty

Gold reached an unprecedented $4,000 per ounce on Wednesday, October 8, marking a more than 53% gain since the start of 2025. The milestone came far earlier than analysts had predicted, including Goldman Sachs, which had expected the price to hit that level around mid-2026.

Goldman Sachs and Switzerland’s UBS had forecast prices of $3,700 and $3,800 per ounce respectively by the end of 2025. According to World Gold Council data, the precious metal was trading at $4,043 per ounce at 11:00 GMT, setting a new record for the year.

The rally reflects a fragile global environment marked by geopolitical tensions, uncertainty surrounding the U.S. economy, and trade frictions linked to tariffs imposed by the Trump administration. The weakening U.S. dollar has further boosted gold’s appeal as investors and central banks increase holdings in safe-haven assets.

Goldman Sachs expects the upward trend to continue, projecting prices could reach $4,900 per ounce by December 2026. “The attitude at the moment seems to be that maybe it will keep on going," said David Wilson, an analyst at BNP Paribas, quoted by Reuters.

The surge in prices is benefiting gold producers and host countries. In West Africa, several governments have recently adjusted their mining tax regimes to align royalties with high prices. In Mali, for example, the government applies a 7% rate for gold above $2,500 per ounce, with an additional 0.5% increase for every $400 rise.

A similar system has been implemented in Burkina Faso since March.