Gold Posts Strongest Annual Gain Since 1979

Gold rose by 64.4% in US dollar terms in 2025, its strongest annual increase since 1979. In January 2026, the precious metal climbed to a record $5,595 per ounce.

According to Austria-based Incrementum AG’s In Gold We Trust 2026 report, the main driver of the rally was growing investor distrust of governments, central banks and the conventional fiat currency system. Since 2000, gold has risen by an average of 11.2% a year and has gained more than 1,500% overall.

The market has also been marked by sharp volatility. In March 2026, gold recorded the largest absolute monthly decline in its history, falling by $611. By the end of the correction, the metal had dropped 27% from its January all-time high.

The report’s authors nevertheless expect further gains. In a higher-inflation scenario, they say gold could reach as much as $8,900 per ounce by 2030.

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