Since the beginning of this year, the international gold price has increased by more than 70%.

Due to escalating geopolitical tensions, tight market supply and demand, as well as heightened safe-haven demand, both international gold futures and spot prices hit historic highs on December 23. So far this year, international gold prices have risen by over 70% in total. On that day, the most actively traded February 2026 gold futures on the New York Mercantile Exchange rose by $46.3 to close at $4505.7 per ounce; the London spot gold price also broke through the $4500 per ounce mark on the same day. Analysts pointed out that the geopolitical pressure caused by the tense relationship between the United States and Venezuela, as well as the ongoing decline in the US dollar index, have provided some support to gold futures prices denominated in US dollars. Data shows that the US dollar index has fallen by nearly 10% so far this year, potentially facing its worst performance since 2003.