Gold: The surge that is disrupting investor strategies
Over the past decade, the price of gold has risen by more than 300%, from around US$ 1,500 an ounce in 2016 to over $5,000 today, with an average annual return of nearly 12%. This increase far exceeds the gains of major stock market indices and sovereign bonds over the same period (Ph. AFP)
Fast Sunday, January 25, 2026 , the price of gold crossed the symbolic threshold of US$5,000 an ounce, a record that reflects rising geopolitical tensions and the growing perception of gold as a safe haven asset. Over the past decade, the price of gold has increased by more than 300%, rising from around US$1,500 an ounce in 2016 to over US$5,000 today, with an average annual return of nearly 12%. This increase far surpasses the gains of major stock market indices and sovereign bonds over the same period, highlighting the metal’s unique role in preserving capital.
The reasons for this surge are numerous, but global geopolitics remains the primary driver. The war in Ukraine has disrupted energy and commodity markets, exacerbating the volatility of currencies and financial assets.
Driven by global uncertainty
Tensions surrounding strategic territories, such as Greenland, the economic fragility of Venezuela, and political uncertainties in the United States are creating a climate of persistent instability. These factors reinforce the appeal of gold, seen as a tangible safe haven against the extreme fluctuations of traditional markets.
Central banks have amplified this dynamic by massively accumulating gold. Over the past ten years, they have added more than 10,000 tons to their reserves, or about 1,000 tons per year. This structural demand has stabilized prices and provided sustained support to markets, beyond speculative fluctuations. At the same time, real interest rates remain relatively low in most major economies. After several cycles of tightening, the prospect of stabilizing rates or a slowdown in their rise makes gold more attractive, as the opportunity cost of holding it decreases. Investor psychology also plays a central role. «Each major threshold crossing attracts new flows, whether in physical gold, index funds, or mining stocks, creating a virtuous circle that amplifies the upward trend», explains an asset manager. In Morocco, where the share of gold in portfolios is still limited, these global movements are prompting local players to reassess their strategies. Global flows into gold-backed exchange- traded funds ( ETFs ) have tripled over the past ten years, reflecting the growing demand for a protective asset within diversified portfolios.
Compared to other assets
Gold maintains its position as a safe haven asset amidst financial market volatility and geopolitical uncertainties. Compared to equities, whether on the Casablanca Stock Exchange or international indices, gold offers relative stability, particularly during times of crisis. Sovereign bonds provide regular returns but do not protect against inflation or currency depreciation, which gold can partially offset. For Moroccan investors, including gold in a portfolio is a way to diversify risk while securing a portion of their capital. The goal is not to generate current income like bonds or to benefit from stock market growth, but rather to have a tool for protection and stability against local and international turbulence.
