Gold remains in demand, but the market is becoming more complex
In 2025, gold impressively demonstrated why it repeatedly comes into focus in uncertain times. New highs, strong demand, and growing importance as a hedging instrument have characterized the precious metal. But anyone who believes that this trend will continue unabated in 2026 should take a closer look.
According to the CPM Group, gold remains firmly in a bull market, but the rules of the game are changing. Political tensions, economic uncertainty, and new investor groups are likely to cause increased volatility.
When uncertainty becomes a permanent state
A key issue for the coming months: the markets will have to process a large amount of backlogged economic data. Following the US government shutdown in fall 2025, figures are now being published that should provide a clearer picture of growth, public finances, and economic stability.
This is precisely where the risk and, at the same time, the opportunity for gold lies. If this data fuels doubts about economic robustness, the need for hedging traditionally increases. In such phases, gold benefits less from short-term news and more from an overarching sentiment: uncertainty.
At the same time, the geopolitical situation remains tense. Trade conflicts, fragile international relations, and political power shifts mean that calm on the financial markets remains the exception.
New investors, new momentum
An exciting aspect of the current gold cycle is the change on the investor side. In addition to traditional investors, players who previously had little interest in gold are increasingly entering the market. Momentum traders, speculative investors, and cross-commodity investors are discovering the precious metal for themselves.
What is striking here:
- Gold is no longer just traded, but deliberately held
- Physical gold is gaining importance as a hedging instrument
- At the same time, expectations of price gains remain unchanged.
This mix could accelerate the market upward. However, it also means that setbacks could be more severe if sentiment turns or profits are taken.
Why gold remains stable nonetheless
Despite all fluctuations, gold remains structurally well supported. Unlike many other asset classes, it is not directly dependent on corporate profits, economic cycles, or individual political decisions. Its strength lies precisely in the fact that it exists outside traditional financial systems.
While other precious metals such as platinum or palladium react strongly to supply shocks or slumps in demand, gold remains primarily a store of value. This role is likely to become more important rather than less so in 2026.
Gold remains, but the road ahead will be bumpier
Gold is entering 2026 with momentum. Political uncertainty, economic risks, and changing investor behavior point to continued interest. At the same time, investors should prepare for greater volatility.
In short: gold remains in demand, but the market is becoming more challenging. Anyone who is aware of this understands why the precious metal retains its firm place even in a turbulent environment.