Why gold prices are breaking records in 2025-2026 and what's really behind it

Record gold prices in 2026 are the result of systemic changes in financial markets. The current growth is based on a clear logic and fundamental factors that have been developing for several years. We are talking about a systemic change in attitudes towards risk, currencies and debt in the global economy.

According to Yahoo Finance's data and analytics, gold is being bought simultaneously by central banks, funds, and private investors. It is important that these purchases do not depend on news hype - they fit into long-term strategies.

Central banks create underlying demand

The key growth factor is central bank policy. In recent years, they have become net buyers of gold, not sellers, as they used to be. The reason is simple: the concentration of reserves in dollars and debt securities has become a risk in itself.

Gold in reserves:

• has no credit risk;
• does not depend on the political decisions of one country;
• maintains liquidity even in crisis scenarios.

This creates a stable demand that does not disappear during corrections and actually sets the minimum price level.

High rates no longer work against gold

The classic model of "high rates = pressure on gold" has stopped working. The reason is the debt burden of economies. High rates are technically difficult to maintain for long when debt service becomes critically expensive.

The market realizes this. That is why gold is growing against the background of distrust in their long-term sustainability. Investors are not looking at current yields, but at the risk of financial destabilization in the medium term.

The war in Ukraine and the real role of gold

In the Ukrainian context, gold has a different function than in stable economies. The full-scale war has made financial risks permanent. The hryvnia exchange rate depends more on external financing, military events, and the state of critical infrastructure than on the market.

Even with currency controls and international support, basic risks remain:

• inflationary pressure due to military spending;
• exchange rate fluctuations in case of delays in financing;
• limited access to some financial instruments in times of crisis.

In this reality, gold is seen as reserve asset instead of a way to make money. Its key advantages for Ukrainians are physicality, universal liquidity, and independence from the banking system. It is an asset that does not require trust in the issuer. Buy gold bullion is available at any branch of the Namomenti exchange office.

An important point: we are not talking about a massive shift to gold. Most often, it occupies a limited share of savings alongside currency and government instruments. But the very presence of gold in the financial system is a consequence of the war that will persist even after it ends.

Is there a risk of market overheating

The current growth does not show signs of a classic bubble. It doesn't:

• massive leverage;
• aggressive retail hype;
• dominance of speculative transactions.

The market is moving slowly, with corrections, but without sharp collapses.

Practical implications for 2026

In 2026, gold is increasingly perceived as a structural element of capital protection. This is especially true for countries with a high level of risk, including Ukraine.

A rational approach is to clearly define the role of gold:

• insurance against systemic risks;
• part of diversification;
• long-term liquidity reserve.

Gold as a financial backstop

The record gold prices in 2025-2026 are the result of a change in global financial logic. Debt, geopolitics and the war in Ukraine have made stability a scarce resource. In this system, gold is a natural component of modern financial solutions and a way to preserve value in an environment of increased risk.

Source: Yahoo Finance