Gold prices witnessed an extraordinary and historic performance in 2025, surging by over 60%—a gain not seen in decades and reportedly the largest rise since 1979. This 'monster' rally was sustained throughout the year, with gold reaching record highs and breaking the $4,000 per ounce mark for the first time in October 2025. The upward momentum has extended into early 2026, with international gold prices advancing by nearly 6% in the first 13 days of the new year, even breaching the US$4,600/oz mark. Domestic gold prices in India have closely mirrored this global rally, reaching INR139,799/10g. The primary drivers behind this sustained ascent include a significant shift in U.S. monetary policy, with the Federal Reserve implementing multiple interest rate cuts in 2025. This reduced the opportunity cost of holding non-yielding assets like gold, increasing its attractiveness to investors. Concurrently, persistent geopolitical tensions across Eastern Europe and the Middle East sustained robust safe-haven demand for gold globally. A weaker U.S. dollar also made gold more affordable for international investors, further boosting demand. Moreover, central banks worldwide, particularly in emerging markets, continued to accumulate gold at a robust pace as part of their diversification strategies, moving away from reliance on the U.S. dollar. Looking ahead, financial experts and institutions like J.P. Morgan, Morgan Stanley, and Citigroup anticipate continued bullish trends for gold in 2026, with price targets often projected to exceed $4,800 or even $5,000 per ounce. While some analysts predict potential short-term corrections, the underlying structural factors supporting gold's rally—such as ongoing geopolitical uncertainty, expectations of further monetary easing, and sustained institutional and investor demand—are expected to keep prices elevated. The Indian market, in particular, shows enduring demand strength, with record inflows into Indian gold ETFs in 2025. The World Gold Council also projects gold prices to maintain strength through 2026, driven by global factors and India's robust domestic demand.