This week, gold futures have soared to unprecedented heights as investors flock to the precious metal, often seen as a financial refuge during times of international distress. The surge culminated on Friday with gold futures closing at over $4,500 per troy ounce, marking the highest point ever achieved and more than doubling the nearly $2,100 closing price from the end of 2023. Looking ahead, analysts project this upward trajectory may persist into 2026, potentially pushing prices to $5,000 per troy ounce.

Jim Wiederhold, a commodity indices product manager at Bloomberg Indices, recently discussed this phenomenon with CBS News, highlighting how gold prices have been undergoing one of the most consistent upward trends seen in the past two years.

Various factors are driving this robust interest in gold, with geopolitical tensions playing a significant role. The ongoing conflict in Ukraine and the military actions carried out under the Trump administration have heightened investor anxiety, prompting many to seek the stability and security that gold traditionally offers. Despite its allure as a diversification tool, not everyone is enamored with gold. Notably, Warren Buffett, the esteemed investor, has expressed skepticism, dismissing the metal as having little practical use beyond its value in jewelry.