Spot gold broke through the $5,000-per-ounce mark on Monday, setting a new all-time high.

Customers view gold jewelry at a gold shop in Jinan, capital of east China's Shandong Province, Jan. 27, 2024. (File photo: Xinhua)

Last year, gold prices surged by around 70 percent, marking the largest annual gain since the 1979 oil crisis. In 2026, prices have continued to climb, rising about 15 percent compared with the start of the year.

Rising international prices have also pushed up gold prices in China. Spot gold on the Shanghai Gold Exchange has repeatedly hit record highs this year, while the price of 24-karat gold jewelry has exceeded 1,500 yuan per gram at some retail outlets.

It took about seven months for gold prices to rise from $3,000 to $4,000 per ounce, but just over three months to climb from $4,000 to $5,000 per ounce.

Gold is widely regarded as a safe-haven asset. Analysts say this year's price gains have been driven primarily by heightened geopolitical tensions and a sharp increase in risk-off sentiment in global markets.

Global central banks have also accelerated gold purchases, further fueling the rally. These purchases are aimed not only at improving the structure of foreign exchange reserves and preserving asset value, but also at hedging against long-term geopolitical risks.

Changes in gold prices often reflect broader global economic trends. This rally, driven by factors such as a weakening US dollar and rising geopolitical risks, highlights deeper economic dynamics in an era marked by global uncertainty, turbulence and structural transformation.

For individual investors, it is important to remain aware of gold’s inherent volatility and to adopt rational, prudent and well-planned investment strategies.

(Compiled by intern Fan Yuting and edited by Zhan Huilan)