Gold was lately in the headlines as the yellow metal was having some wild price swings on the markets after reaching new all-time highs on the backdrop of geopolitical instability and uncertainty brought to the global economy by the tariffs of the Trump administration.
This year, the gold price in US dollars is up 15%, even though it retreated from a high of $5600 per ounce, trading on Thursday around $5,000. In the past 12 months, the yellow metal gained almost 68%, making it the best performer in many investor portfolios. For the year, most analysts and investors are optimistic that gold prices will continue to climb, writes eToro analyst for Romania, Bogdan Maioreanu
According to the latest eToro Retail Investor Beat survey, 61% of Romanian retail investors expect gold prices to rise in the next 6-12 months, versus 15% anticipated declines. Analysts align, forecasting averages up to $5,000+ by late 2026 amid policy risks, fiscal pressures, geopolitical tensions, and investor diversification into real assets and away from the USD, even after February’s volatility pulled prices from peaks.
J.P. Morgan projects $6,300 per ounce by year-end, with upside to $8,000 if allocations rise, while Goldman Sachs targets $5,400 (up from $4,900) by December. UBS sees $6,200 (upside $7,200), Morgan Stanley sees a bull case of $5,700 in the second half of the year.. Societe Generale also targets $6,000/oz, warning its forecast may prove conservative. Deutsche Bank said that gold could climb to $6,000 per ounce by the end of the year.
A recent report of the World Gold Council estimates that physical gold holdings by investors and central banks are worth approximately US$10.9 trillion, with an additional US$1.5 trillion in open interest through derivatives traded on exchanges or the over-the-counter (OTC) market. This means that the gold market is large, global, and highly liquid.
According to eToro’s survey, 53% of Romanian investors have gold in their portfolios, up 2 percentage points from 51% six months earlier. 22% of Romanian retail investors began investing in gold in the past year, with 9% entering in the last three months and 13% between four and eleven months ago. Long-term holders provide stability for the markets: 12% started 1-2 years ago, 9% held for 3-5 years (likely post start of Ukraine war), and another 9% for over five years. This mix of new and veteran participants underscores a durable trend amid gold’s surge from $2,670 a year ago to near $5,000 peaks earlier in 2026.
Meanwhile, 45% of Romanian retail investors do not currently own gold, representing a large, potential pool of future buyers. Among non-holders, 42% plan to buy gold eventually, with almost 11% targeting the next 12 months and 32% within five years. Only 16% of the Romanian retail investors show no interest in adding gold to their portfolio.
When it comes to the percentage of investors that own gold in their portfolios, Romanians are 3rd among the 13 nations present in the survey. The most enthusiastic in owning gold are the Polish investors (61%), followed by Germans (58%) and Romanians (53%), US and Spanish 50%, Czech 49%, Dutch investors 48%, British and Italians 46%, Singapore 45%, French and Australians 43%. Only 30% of the Danish investors said that they have gold in their investment portfolios.
Gold’s remarkable rally in the last year—fueled by geopolitical tensions, Trump-era tariffs, and a flight to safe-haven assets— continues to position it as a standout performer. Romanian investors mirror global optimism with a durable mix of new entrants and veterans, expecting price gains this year. Bolstered by bullish bank forecasts and a colossal market, gold’s appeal as a hedge against uncertainty remains robust.
_
