Everything’s supposedly rosy on Wall Street—but gold is quietly rallying higher as investors seek safety in government shutdown

Gold decor on the mantle behind US President Donald Trump during a meeting with Jonas Gahr Store, Norway's prime minister, not pictured, in the Oval Office of the White House in Washington, DC, US, on Thursday, April 24, 2025. (Credit: Al Drago—Bloomberg/Getty Images)

• Wall Street is brushing off recession risks and the ramifications of a government shutdown, with stocks at healthy highs and interest rate cuts expected soon. Yet gold is telling a different story: prices have surged more than 45% over the past year to nearly $3,870, as investors and central banks pile in for safety. Goldman Sachs now sees gold prices reaching $4,300 by late 2026, with analysts expecting buyers will be driven by diversification away from Treasuries, de-dollarization, and geopolitical risks. UBS’s Mark Haefele echoed that gold remains an essential hedge, even as markets remain broadly optimistic.

Wall Street isn’t worrying about the government shutdown. Analysts across the spectrum agree that any market volatility will be short-lived, and will right itself quickly when Washington D.C. goes back to normal.