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Posted February 17, 2026 at 10:30 am
After three consecutive years of double-digit gains, including an eye-popping 65% in 2025, investor appetite for gold has never been higher. In recent years, demand for gold has accelerated amid concerns about long-term U.S. fiscal health, geopolitical tensions, inflation and U.S. dollar weakness. This backdrop has prompted central banks, institutions and individual investors to seek diversification by hedging against heightened macro uncertainty. Robust demand and inelastic supply—global above-ground stocks have only grown by an average of 1.5-2% per year—have continued to push prices higher.
While central bank demand for gold has softened in recent quarters, it remains elevated relative to pre-2022 levels and continues to anchor the positive outlook that many analysts hold for the metal. However, any gap left by central banks has been filled by rising demand from institutional and individual investors. As shown in this week’s chart, the $19bn in inflows to gold ETFs in January 2026 was the highest monthly total in history. Coupled with a 14% gain in gold prices, the assets under management (AUM) of global gold ETFs reached a record $669bn at the end of January. This follows nearly $89bn in inflows to gold ETFs in 2025—the highest annual total on record.
Investors should be mindful of gold’s characteristics when considering adding the metal to their portfolios. Gold can be highly volatile, its opportunity cost is driven by interest rates and it does not generate income. Investors seeking less-volatile, income-focused alternatives may want to consider real estate, private infrastructure and transportation investments.
Chart of the Week: Source: World Gold Council, J.P. Morgan Asset
Management.
Thought of the week: Source: World Gold Council, J.P. Morgan Asset
Management.
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Originally Posted February 16, 2026 – Weekly Market Recap
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Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors.
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