Story perspectives

Gold Prices Surge 150% Amid Inflation and Geopolitical Tensions

2/12/2026

Summary

Story summary

Torsten Slok, Apollo chief economist, says the link between gold and real rates shifted after 2022.
Gold prices have risen over 150% since 2022, reaching $5,000 per troy ounce.
Goldman Sachs analysts attribute gains to gold's supply characteristics that support inflation hedging.
Geopolitical tensions, especially the war in Ukraine, have increased gold demand.
Slok says persistent inflation could create a new normal where gold remains a preferred, stable asset.

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Story summary

Torsten Slok, Apollo chief economist, says the link between gold and real rates shifted after 2022.
Gold prices have risen over 150% since 2022, reaching $5,000 per troy ounce.
Goldman Sachs analysts attribute gains to gold's supply characteristics that support inflation hedging.
Geopolitical tensions, especially the war in Ukraine, have increased gold demand.
Slok says persistent inflation could create a new normal where gold remains a preferred, stable asset.