Gold hits record high as investors eye supportive backdrop into 2026

Gold prices surged to fresh records this week, climbing as political turmoil in Washington pushed investors into safe havens.

The rally comes amid a U.S. government shutdown, after a Republican-backed spending bill failed to pass the Senate. 

This uncertainty has kept traders biased towards safe havens, with other precious metals also rallying this week. 

Prior to the latest rise, Gold had gained significantly since late 2024, before taking a breather between April and late August.

John McCluskey, president and chief executive of Alamos Gold, told Investing.com that his company had positioned for the gold rally years ago. 

“Between 2015 and 2017 we made three acquisitions when gold was between $1,100 and $1,300. Since then, we’ve been rapidly growing our reserve and resource base with the discovery of over 8 million ounces at a cost of $30 an ounce,” he said. 

“This has allowed us to drive value for shareholders as gold continues to hit record highs, like we’ve seen this week.”

Looking to next year, McCluskey added: “Earlier this year, when the gold price was around $3,400, I predicted that we were still in the opening innings of this bull phase and prices could reach $3,800. 

“Now that we’ve crossed that threshold, I think we will see this bull phase continue because of the macro forces at work that are underpinning the gold trade – like central bank buying and the U.S. debt.”