Will gold keep climbing in 2026? What older investors should do — and avoid

Gold just wrapped up a remarkable year. The precious metal surged dramatically in 2025, shattering the $4,000-per-ounce barrier for the first time and significantly outpacing traditional stock market returns. Central banks continued their steady accumulation while exchange-traded funds attracted substantial inflows as investors sought refuge from market volatility and geopolitical uncertainty. Now, with gold already surpassing $5,000 per ounce in early 2026, even more new and seasoned investors, and older investors in particular, are taking a fresh look at how this traditional safe-haven might fit into their retirement portfolios.

But the timing matters when it comes to precious metals. After such a dramatic run-up, the question starts with whether the price of gold will keep climbing and ends with whether adding or adjusting a gold position makes sense at current valuations. And, getting the allocation right becomes even more critical for retirees and near-retirees who generally can't recover from major portfolio setbacks. After all, unlike dividend-paying stocks or interest-bearing bonds, gold doesn't generate income, which changes the calculus for those relying on their investments to fund daily expenses.

So, if you're an older investor who's interested in investing in gold, it's important to know whether gold will keep climbing in 2026, along with how to position yourself if it does — and how to protect yourself if it doesn't.

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Will gold keep climbing in 2026? What older investors should do — and avoid

Predicting where the price of gold heads next is notoriously difficult. Gold prices are impacted by a range of factors, and can rise on inflation fears one month, fall on strong economic data the next and then surge again based on geopolitical headlines. Interest rates, the U.S. dollar, central bank buying and investor sentiment all pull gold in different directions — often at the same time. 

That said, most major financial institutions remain bullish on gold's prospects this year. The optimism stems from several key drivers: Central banks are expected to continue their elevated purchasing patterns, ETF investors are likely to maintain their appetite for the precious metal and a softer dollar environment could provide additional support. 

Economic uncertainty also plays a role. If growth slows and interest rates decline further, gold typically benefits. Similarly, persistent geopolitical tensions and elevated fiscal deficits tend to strengthen the case for holding precious metals as portfolio insurance.

But given the overall uncertainty of gold's trajectory for 2026, how should older investors prepare?

Learn more about your precious metal investing options here.

What older investors should do in 2026

Treat gold as a portfolio stabilizer, not a growth engine. Gold can play a valuable role as a hedge against inflation, currency weakness and market stress, but it shouldn't be expected to deliver consistent income or stock-like returns. For most older investors, gold works best as a complement to stocks, bonds and cash, not as a replacement.

Stick to a measured allocation. Many financial professionals suggest keeping precious metals limited to 5% to 10% of your total portfolio. That range can provide diversification benefits without overexposing retirees to price swings that don't generate dividends or interest.

Focus on quality and liquidity. Liquidity matters more in retirement, when unexpected expenses can arise and assets may need to be converted to cash quickly. Widely recognized gold coins and bars are typically easier to sell and command tighter bid-ask spreads, so older investors may want to narrow their purchasing options to those types of physical gold assets. 

Rebalance instead of chasing. If gold continues to rise in 2026, it may quietly become a larger share of your portfolio than intended. However, periodic rebalancing, meaning that you trim gold after strong runs and reallocate to other assets, can help lock in gains while keeping risk in check.

Think about taxes and storage upfront. Physical gold can come with storage costs and higher capital gains taxes than many other investments. Understanding these frictions before adding more exposure can prevent unpleasant surprises later.

What older investors should avoid in 2026

Don't chase headlines or price spikes. Buying gold after a sharp run-up often means paying a premium driven by fear or excitement rather than fundamentals. For retirees, buying high can be especially damaging if prices correct and the time to recover is limited.

Avoid overconcentration in precious metals. Gold can feel safe, but it is still volatile. Portfolios that are overly tilted toward gold may underperform during periods when equities or income-producing assets regain strength, potentially limiting cash flow in retirement.

Be cautious with speculative products. Leveraged gold funds, gold mining stocks and complex derivatives can magnify gains and also losses. These tools are rarely appropriate for older investors who are more likely to prioritize capital preservation and predictable outcomes.

Don't ignore income needs. Gold doesn't pay interest or dividends. Relying too heavily on it can force retirees to sell assets during unfavorable market conditions to fund living expenses. So, income-producing investments should still play a critical role in most retirement plans.

Avoid emotional, all-or-nothing decisions. Gold often triggers strong emotions due to fear during downturns and euphoria during rallies. Major shifts based on short-term price moves can undermine long-term stability, though.

The bottom line

Gold could keep climbing in 2026, or it could stall or even pull back. No one knows for sure, and older investors are often better served by accepting that uncertainty rather than trying to outguess it. For retirees and near-retirees, gold tends to work best when it's used deliberately: sized appropriately, rebalanced regularly and integrated into a broader plan built around income, diversification and risk management. Chasing gains, overloading portfolios or treating gold as a guaranteed safe-haven, though, can create more problems than protection.