If you thought gold’s 26% gain in 2024 marked the commodity’s golden age, just wait until you hear what gold prices have done since then.
Gold hit another record high today, rising above $3,500 for the first time after breaking its previous peak just yesterday. The commodity known as a safe haven and a hedge against geopolitical risk has gained just under 30% in 2025 so far.
A historic run: Gold’s price has nearly doubled since mid-2023, while the S&P 500 has only gained 18% during the same period.
The surge has partially been driven by investors looking around at, well, everything, and searching for some kind of safety from all the economic chaos. But retail traders aren’t the only ones feeling bullish for bullion: Foreign central banks have also been big buyers of the metal.
China in particular has been splashing out: The country’s gold reserves now account for roughly 6.5% of its total foreign exchange holdings. Poland, Turkey, and India are some of the other largest buyers around the globe.
While the metal pared its gains this afternoon, falling a bit over 1% today, some analysts think it could shine on. JPMorgan strategist Gregory Shearer predicted the asset will surge past $4,000 in the second quarter of 2026 in a recent note. But others argue that the metallic madness has gone too far—and that the metal is now in overvalued territory.
How can you invest in gold?
While Costco gold bars are a steal right now, tossing those into your grocery bag is not as convenient as buying a stock.
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The easiest way for investors to get direct exposure to gold is through exchange traded funds. The largest spot gold ETF is the iShares Gold Trust ETF (GLD) which tracks the price of the asset and is backed by real gold. It’s no wonder that investors have been dumping cash into these funds.
Gold miner stocks are another way to play the gold rush. Companies like Barrick Gold and Newmont Corp are involved in the production of the metal, and so their gains are tied to gold’s price. But they don’t track the metal directly—in fact, many of them have lagged the price of gold since 2021.
One last creative way to tap into the current golden era? A “gold recycling” ATM in Shanghai lets you deposit gold jewelry and get back cash. Time to see how much your grandfather’s watch is really worth.—LB