Gold (XAUUSD) is less than 1% from reaching $5,000 per troy ounce and “unavoidable uncertainty” could drive the precious metal even higher, according to RBC Capital Global Head of Commodity Strategy Christopher Looney.
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“If we are to take any lesson from 2025, it’s that the number of peaks can still increase, especially when investors are looking for a hedge against uncertainties they struggle to price elsewhere,” Looney said in a note to clients.
Gold Rises as Uncertainty Drives Safe‑Haven Flows
Gold has continued to lead as a top safe-haven asset, driven by recent geopolitical events including the capture of Venezuelan President Nicolás Maduro, protests in Iran, and President Trump’s threat to tariff eight European countries over control of Greenland. Trump later pulled a U-turn on the European tariffs, although the unpredictability of his policies continues to benefit the precious metal.
RBC expects gold to remain in a range between $4,500 and $5,000 with an average price of $4,600 this year. At the same time, Looney noted that gold could surge even higher in the event of a “real risk-off scenario.”