Gold nears $5,000 an ounce, and is on course for a weekly gain of nearly 8% amid geopolitical risks and renewed threats to the Federal Reserve’s independence. The precious metal climbed to a record above $4,967 on Friday before falling back to $4,920 - extending its breakneck rally to gain a further 15% in 2026.
Jason Hollands, Managing Director of Bestinvest by Evelyn Partners, the online investment platform, comments:
“While news of any asset hitting record levels is often a sign to be wary, demand for Gold is underpinned by structural reasons as investors diversify their portfolios - and central banks their reserves - beyond US Treasuries.
“We may only be in the first month of 2026, but it has already proven a dramatic period for global events with the US operation to capture Venezuela’s President Maduro, the Iranian regime teetering on the brink and the crisis within NATO over President Trump’s demands to acquire Greenland.
“While tensions on the latter appear to have rapidly abated, with Trump backing off the threat of using force and imposing tariffs against NATO allies following an apparent sketchy ‘deal’ at Davos on a new Arctic security framework, the crisis has cemented the impression that the long-established, international rules-based order is done and dusted and trust in America’s reliability as an ally is shattered.
“Such a shift has widespread implications both for global politics and security, and for financial markets, one of which is likely to be the continued use of Gold and less reliance on US Treasuries. With a more dovish new Chair almost certain to be appointed by President Trump to replace Jerome Powell at the Fed this summer, loose US monetary and fiscal policy in place – and continued concerns about the size of the US deficit – this could see renewed softening of the Dollar, which has already declined notably under the Trump administration. This is another reason to hold Gold, as it has historically had an inverse correlation with the US Dollar.”
“We hold allocations of around 4.5% to Gold via an exchange traded commodity across most of our ‘ready-made portfolios’ for clients wanting a managed solution as we view it as form of ‘portfolio insurance’ on geopolitical risk. Gold ETCs have also proven popular with clients who make their own investment selections recently, with two such funds among the most heavily bought exchange traded products on Bestinvest last year.”
Bestinvest by Evelyn Partners is a multi-award-winning, digital investment platform and coaching service for people who choose to make their own investment decisions but with the support of tools, insights and qualified professionals. It offers access to thousands of funds, investment trusts, Exchange Traded Products and UK and US listed shares through a range of account types, including Individual Savings Accounts, Junior ISAs for children, Self-Invested Personal Pensions and General Investment Accounts.
Alongside providing investors access to an extensive choice of investments, Bestinvest also offers a wide range of Ready-Made Portfolios for people seeking a managed approach that suits their risk profile, saving them the need to select and monitor their funds themselves. These include a highly competitively priced ‘Smart’ range that invests through low-cost passive funds, as well as an ‘Expert’ range that invests with ‘best-of-breed' managers.
Bestinvest provides investors with a unique range of new features to help people better manage their long-term savings, including free investment coaching from qualified financial planners, low-cost fixed fee advice packages and advanced tools to help people plan goals and monitor progress towards achieving them.
Bestinvest is part of Evelyn Partners, a UK leader in wealth management created by the merger of Tilney and Smith & Williamson in 2020. Evelyn Partners is trusted with the management of £68.6 billion of assets (as of 31 December 2025) by its clients, who are private investors, family trusts, entrepreneurs, businesses, charities, financial advisers and other professional intermediaries.
Bestinvest is a trading name of Evelyn Partners Investment Management Services Limited, which is authorised and regulated by the Financial Conduct Authority.
For more information, please visit https://www.bestinvest.co.uk
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