The price of gold has broken numerous records over the past year and may continue to do so this year.
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Gold prices may be down from where they were a month or two ago, but they're still coming in at over $5,000 per ounce — among the highest prices ever seen for the precious metal.
Experts say demand is largely coming from central banks looking to steer clear of risky dollar-denominated assets (and more toward safer stores of cash, like gold). But individual consumers looking to diversify, protect against inflation, and build long-term wealth also play a role.
The question is, how long can this high demand hold? And will gold prices keep up their rally in the near term, or is a downturn on the horizon? We spoke with some experts about they predict for this spring — and beyond. Below, we'll detail the predictions that both current investors and beginners considering gold need to know to make a more informed decision.
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Here's where gold prices could head this spring, according to experts
The experts we spoke with largely expect an upward swing for gold prices over the next few months. Geopolitical tensions, including those developed in recent weeks, are one reason why, as these tend to send investors toward safer assets — like gold, since they're disconnected from specific economic markets and currencies.
"Geopolitical tensions in the Middle East typically reinforce gold's role as a safe-haven asset in the near term," says Hiren Chandaria, managing director at Monetary Metals. "Any escalation involving Iran raises uncertainty around regional stability, energy markets and global trade routes, which tends to push investors toward defensive assets such as gold."
Issues in the Middle East could impact gold output too, as "The UAE is one of the world's largest gold trading and refining hubs," Chandaria says. This could reduce supply and send prices up even further on the precious metal.
General worldwide "de-dollarization" — or a move away from U.S.-dollar-backed securities, is another big driver in gold's potential upward swing, experts say. With recent sanctions and restrictions, dollar-backed assets are seen as increasingly risky to foreign governments and central banks, pushing them toward gold instead.
"Central banks, particularly in emerging markets, continue to diversify reserves away from the U.S. dollar and into gold," Chandaria says. "This is a strategic reallocation rather than a short-term trade, which provides sustained underlying demand."
For these reasons, Darius Dale, founder and CEO of 42 Macro, says gold prices will remain "constructive" over the next few months, while Thomas Winmill, portfolio manager at Midas Funds, predicts they'll surpass $5,500 — up from the $5,100 they sit at today.
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Could gold prices drop this spring?
Still, while gold prices are largely expected to rise, that doesn't mean it will be in a straight climb upward. Most expect some level of volatility along the way. One reason for this is the nomination of Kevin Warsh as the new Federal Reserve chair. If approved, Warsh would take the central bank's helm in two months, when current Chair Jerome Powell's term is up.
"The nomination of Kevin Warsh has introduced some uncertainty around the Federal Reserve's reaction function and may drive short-term volatility," Dale says. "We view any pullbacks as tactical noise within an ongoing structural uptrend, though."
Chandaria shares similar sentiments, saying that gold is still in a "multi-year bull cycle" and any dips in pricing should be short-lived. "Sharp corrections are part of the journey — and, in fact, healthy for the longevity of the trend," he says. "Markets do not move in straight lines, and corrections are an inevitable and healthy part of any bull cycle."
That said, there's also a possibility that gold prices can hold steady for a while. Per projections from the CME Group's FedWatch Tool, the Fed isn't expected to adjust interest rates for at least a few meetings, maybe even longer. This stability could keep gold prices — which typically move in the opposite direction to interest rates — contained for the time being.
"The idea of several rate cuts in 2026 has been taken off the table," says James Cordier, CEO and head trader at OptionSpreaders.com. "With fewer moves by the Fed this year, the dollar has firmed considerably and this should put a minor cap on prices for the near-term."
The bottom line
By and large, most experts agree that gold is still on an upward swing — and will be for a while. If you're planning to buy gold, consider the best path for doing so. You can use gold IRAs or ETFs, purchase gold stocks or futures, or buy physical gold bars and coins. Talk to an investment professional if you're not sure which is the best move for your goals and remember to keep your precious metal portion of your portfolio limited to 10% of your portfolio in order to let your other assets perform as intended.
Edited by Matt Richardson
