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The Guardian - UK
The Guardian - UK
Business
Heather Stewart Economics editor

What is behind the extraordinary rise in investment into silver and gold?

Donald Trump Gold silver United States US Federal Reserve Jerome Powell WGC Inflation
Gold and silver bars on a metal table
One analyst said the rush to buy gold and silver represents a ‘a re-pricing of trust’ in currencies, institutions and the stability of the post-cold war economic order. Photograph: Angelika Warmuth/Reuters

Last year’s extraordinary run in precious metals has only intensified in 2026, as Donald Trump has continued to rip up the rules of the global economy.

Gold has been on a tear since last summer, repeatedly breaking records. It has risen by more than a quarter this month and hit a new high of just under $5,595 (£4,060) an ounce on Thursday.

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