Gold prices, after a massive 63% surge in 2025, continued their momentum in the first weeks of 2026, reaching a new record high of over $4,750 per ounce. Behind this rally are central bank gold purchases, particularly concentrated in Asia, a surge in individual demand in China and India, geopolitical tensions (such as Iran-focused protests in the Middle East and signals of US intervention), Fed interest rate cuts, a weakening US dollar, and global economic uncertainties – all triggering investors' search for safe havens and highlighting gold as a new asset class. Analysts predict that if these dynamics continue, the price per ounce could reach $5,000 by the end of 2026. While institutions like Morgan Stanley are pointing to $5,055 in the fourth quarter, or even $6,000 in the long term, with a more cautious target of $4,400, the overall consensus emphasizes that the rally has the potential to accelerate to 15-30%, suggesting that gold will continue to shine in the face of inflation and monetary policy pressures.