For the first time in its history, gold surpassed the symbolic threshold of $4,000 per ounce (about 28 grams) on Wednesday. Armed conflicts in Ukraine and the Middle East, as well as the protectionist economic policy implemented by US President Donald Trump, have contributed to its rise.

A value that has doubled in five years. Gold surpassed the symbolic threshold of $4,000 an ounce on Wednesday, a threshold unlikely even a year ago, driven by tensions in Ukraine and the Middle East, and particularly by Donald Trump's return to power.

Coveted for its use in jewelry, industry, and as a reserve asset, gold has always been the ultimate "safe haven" because it retains its intrinsic value even though it doesn't earn interest. Investors turn to it to protect themselves against the risk of losing money when they anticipate a gloomy outlook.

Gold is currently emerging as a better diversification tool than government debt purchases, which have become riskier.

A 40% increase in its value in 2025

The $2,000 per ounce (a unit of measurement that represents approximately 28 grams) mark was thus crossed for the first time in August 2020, at the time of the Covid-19 pandemic. The metal then fluctuated around this value until 2024 when its price suddenly exploded: it passed $2,500 in August 2024, then $3,000 last March, before reaching $3,500 in September.

It finally crossed $4,000 this Wednesday in Asian trading. "The numbers speak for themselves: gold has already risen by more than 40% in 2025 and is heading for a third consecutive year of double-digit gains," analyzes Stephen Innes of the management company SPI Asset Management.

The key role of Donald Trump's economic policy

The unpredictability of the US president's decisions since his return to power in January has had a considerable impact, starting with his trade policy and the threats of customs duties, particularly against the European Union and China, which have shaken up the global economy.

Gold was also buoyed by Donald Trump's pressure on the Federal Reserve (Fed), the US central bank, to lower its rates, casting doubt on its independence.

All of these factors are weakening the dollar, another traditional safe haven, fueling the risk of inflation and encouraging a move towards gold.

The current budget shutdown in the United States is a final boost to the yellow metal. The political crisis in France, Europe's second-largest economy, is also exacerbating the climate of uncertainty.

Wars in Ukraine and the Middle East boost gold prices

The gold rush has been fueled in recent months by ongoing fears related to the war in Ukraine, which began in February 2022, and the situation in the Middle East since October 7, 2023.

Following Moscow's invasion in early 2022, the Russian central bank's foreign exchange reserves held abroad were frozen, sending gold prices soaring.

The war in Ukraine has also reinforced central banks' enthusiasm for the precious metal: they are filling their vaults with ingots to cover themselves in the event of a crisis, stabilize their currency, or even as collateral for loans and transactions.