Since the beginning of the year, gold has risen by 26%, delivering the highest return among all commodities. There is strong potential for new all-time highs later this year.
The 52-week low stands at $2,305, while the high reached over $3,500 per ounce in futures contracts. In early June, gold was trading at $3,350, just $150 below the historical record set in April 2025.
“The gold market remains stable, but there are growing questions about whether we’ve already seen the seasonal cyclical peak, or if more gains lie ahead,” said Michał Stajniak, Deputy Head of Research at XTB, in an interview with MarketNews24.
Meanwhile, other precious metals are delivering returns that are even twice as low as those of gold.
As a result, gold is increasingly treated by investors as a safe haven. Traditional safe-haven currencies include the US dollar, the euro, and the Swiss franc, while the Japanese yen may be losing that status.
If uncertainty persists regarding economic growth—particularly in the US and China—gold’s appeal as a safe haven will likely strengthen. This view is reinforced by recent sovereign credit rating downgrades, the loss of the U.S.’s status as the world’s safest credit market, and the ongoing fluctuations in the scale of Donald Trump’s trade wars. Another factor for financial markets is the sharp rise in Japanese government bond yields, driven by interest rate hikes.
“ETFs in the US and Europe have been reducing their gold holdings, but the changes are relatively small,” added Stajniak. “If economic uncertainty continues in the US, China, or Japan, it will support further increases in gold prices. There’s a real chance gold could approach $4,000 per ounce, and breaking through $3,500 should happen smoothly. Goldman Sachs still maintains its year-end forecast of $3,700.”
The Polish zloty remains strong, so is it profitable to invest zloty into gold? Returns are significantly lower compared to investing in gold through US dollars, primarily due to the strength of the Polish currency. However, the low USD/PLN exchange rate presents attractive investment opportunities.
“Over the long term, exchange rate fluctuations become less significant, which is why a minimum 5-year investment horizon in gold is recommended,” explained Michał Stajniak from XTB.
