On 29 January 2026, gold closed at a record USD 5,318 an ounce. On 5 October, it was worth USD 4,157, almost 22% less (COMEX data). Yet over one year, it is still up by around 6%.
What it shows
- Gold is often presented as a safe haven, but its price can fall sharply, even after months of gains.
- Those who invested at the January peak are now showing a loss. Those who have held gold for a long time are still well ahead.
- For a Swiss saver, gold is priced in dollars: the exchange rate adds a second source of fluctuation.
The lesson is not a signal to get in or to get out. It is this: no investment should make up a share of your wealth that you could not bear to see fall by 20%.
Further reading: building wealth.
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