Gold was the highest-returning major asset class of 2025, advancing approximately 64% on the year. Its appreciation was supported by multiple reinforcing factors: elevated geopolitical uncertainty driving safe-haven demand, U.S. dollar weakness, sustained central bank accumulation, and strong inflows into gold-backed ETFs. Together, these forces created both structural and flow-driven support for prices. Momentum extended into early 2026, with gold surpassing $5,000 per ounce and rising nearly 18% in January alone. While the magnitude of this advance is notable, it also reinforces the importance of revisiting ... (full story)