How has gold's price changed in 2025?
Gold has enjoyed a stellar run so far in 2025. Amid periods of market volatility and an uncertain economic environment, the precious metal has climbed to multiple new price records this year, which has been due, in large part, to investors turning to gold as an inflation hedge and a way to diversify their portfolios.
In addition to its role as a hedge against inflation and portfolio diversifier, there are numerous ways to invest in gold — from gold bars and coins to gold individual retirement accounts (IRAs), gold exchange-traded funds (ETFs) and gold stocks. Gold also offers liquidity to investors, which has been another big driver in its recent price uptick.
But how much, exactly, has gold's price changed since the start of the year? Here's how much gold's price has shifted so far in 2025.
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How has gold's price changed in 2025?
So far this year, gold's price has increased by nearly 26% overall, climbing from a price-per-ounce of $2,624.50 on January 1, 2025, to where it sits today at $3,296.40. But even with the swift uptick, the trajectory for gold hasn't gone straight uphill this year — there have been periods of volatility throughout.
Gold started the year at a value of just over $2,624 per ounce on January 1, 2025. The price of gold increased steadily in the weeks following, hitting a then-record price of $2,871.74 per ounce during the first week in February. At that point, the price of gold had increased by more than $200 per ounce since the start of the year.
That, in turn, drove up hope that gold would surpass the $3,000-per-ounce threshold before March 2025 rolled around. However, it took until March 14 for gold to climb to over $3,001 per ounce — marking yet another price milestone for the precious metal.
That wasn't the end of the price run for gold, either. Despite some volatility, the price of gold continued to climb overall in the weeks that followed, and on April 21, gold's price ticked yet another box on its impressive uphill run when it climbed to $3,424.41 per ounce, its latest record high. The price has moderated a bit in the days since, though, with gold's price dropping from over $3,400 per ounce to where it sits today at just under $3,300 per ounce.
Several factors played a role in this recent price surge, including the ongoing issues with sticky inflation. Because gold tends to hold its value when the value of the dollar declines, investors often turn to the metal as a hedge against inflation, with the uptick in investor interest helping to drive up the price. The recent stock market volatility and economic uncertainty that's looming have also played a role in the uptick, as many investors utilize gold as a safe-haven asset during periods of market turmoil.
"Gold has recently surged to record highs with the headwind of sticky interest rates and the tailwind of a weakening U.S. dollar," Michael Schulman, chief investment officer at Running Point Capital Advisors, says.
While Schulman says he expected gold to do well this year, he didn't expect the price to rise as quickly as it did.
"I expected gold to perform well in 2025, but this level of price strength came faster and more forcefully than forecast, driven by a mix of retail FOMO (fear of missing out) and by heavyweight central banks diversifying out of dollar exposure," Schulman says.
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Where are gold prices headed next?
Gold has long been seen as a safe-haven asset, especially during times of economic stress or inflation. But while those types of economic issues are looming now, that doesn't mean its price is guaranteed to keep climbing. Like any asset, gold can be volatile — and the same factors that push it higher can sometimes send it lower just as quickly.
Looking ahead to the rest of 2025, a lot of gold's price performance will depend on how the broader economy unfolds. According to Schulman, two of the biggest factors to watch are the Federal Reserve's interest rate decisions and the strength of the U.S. dollar. If the Fed begins cutting rates and the dollar weakens, those conditions could give gold another boost.
"The near-term outlook likely hinges on Fed policy signals and dollar direction," Schulman says. "If rate cuts or dollar weakness materialize, gold could enjoy another leg up."
But the opposite scenario is also possible. If economic conditions deteriorate rapidly and investors need to liquidate their gold holdings to free up cash, some may choose to sell their gold assets — even if prices are still strong. That could drag prices down.
"Let's not forget that gold can also be sold in a crisis when people need cash," Schulman adds. "A sharper equity selloff or liquidity crunch could just as easily lead some investors to raid their 'safe haven' piggy bank. It's a store of value, yes, but it's not immune to panic sales or profit-taking."
The bottom line
Gold's performance in 2025 has been undeniably impressive, with prices soaring more than 25% and hitting multiple record highs along the way. Its role as an inflation hedge and safe-haven asset has drawn in both everyday investors and institutional players alike, all seeking stability in an unpredictable market. But even with its momentum, the path ahead isn't guaranteed to be uphill.
As we move through the rest of the year, gold's trajectory will likely be shaped by factors like shifting economic conditions, central bank policies and investor behavior. While there's still plenty of potential for further gains, staying informed and realistic about the precious metal's volatility is key. So, whether you're already holding gold or considering an investment, this is a good time to weigh the opportunities and risks with a steady, long-term view.
