The record gold price reflects a deeper problem than recent global instability

By Hafiz Muhammad Usman Rana, Senior Lecturer in Finance, Birmingham City University

The price of gold has risen to over US$5,000 (£3,662) an ounce for the first time ever, after doubling in value over the course of a very strong 2025 for the precious metal.

The usual explanation for such strong rises is that gold is considered a safe bet for investors when other options look a little shaky. High inflation for example, when cash quickly loses value, is often linked to gold price rises. Trade wars and actual wars usually have a similar effect.

A common view then, is that gold…

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